24 July 2011
Whether Income from running hostel is treated as income from house property or income from business? Please provide justification or case laws also in support of answer. Thanks
24 July 2011
Income from house property is when you rent out the property and take no extra burden.
In case of a hostel, the owner not only provides accomodation but gives various other facilities also like food, electricity, servants etc. So in such a case, the same shall be treated as a Business Income.
CAclubindia
