Issue of other income

This query is : Resolved

TARIQUE RIZVI (Querist)
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11 April 2016 Dear Friends
Rgds & Wishes

A factory has been given on Rent of 1,50,000/= per month. Total Income under the head of other income will arrive as at Rs 18,00,000/=.

Depreciation
Factory Licence Fees
Salary being paid to the Factory Plant Manager
R&M of the factory

Shall we get the set-off of the above expenses ?

yrs tarique rizvi
982 1630 130

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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11 April 2016 Treat it as business income and claim all the expenses which is allowed.

TARIQUE RIZVI

TARIQUE RIZVI (Querist)
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11 April 2016 Can we treat rent receipt as business income

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CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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11 April 2016 You are renting out a factory a business asset so it can be treated as business income.

Murtaza I Bhagat

Murtaza I Bhagat (Expert)
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11 April 2016 If you have leased out factory building with plant & machinery then it can be treated as business of leasing and you can claim all expense related and show as business income.

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