Income from lease money

This query is : Resolved

Rahul (Querist)
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10 May 2014 A prop. firm has leased its one unit to someone.

Now will the lease income be taxed under Business & profession head after deducting depreciation on leased assets ????

the firm is also doing some separate business activity..

Ravindra Srinivasa

Ravindra Srinivasa (Expert)
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12 May 2014 If the firm's business is also leasing out of unit, then it will be a part of its business income. IF not, then it is taxable under income from house property and claim standard deduction @ 30%, interest on borrowed loan if any for the acquisition of that property and taxes paid if any there upon.