Licence fee received on godown
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
06 July 2012
I HAVE GIVEN MY GODOWN ON THE BASIS OF LEAVE & LICENSE AGREEMENT @ RS17000/ permonth as license fees for 11 months.Will this income from license fees will be treated as rental income.will I get deduction of 30% from my income as repair costs .how income will be treated please help.will i have to charge service tax on license fee.
07 July 2012
You cant get deduction of 30% but you can claim repair and it will be treated as business income or Income from other sources
07 July 2012
Dear Friend, Your receipt will be treated as Income from renting and you will get 30% deduction form the gross amount u/s. 23 of the Income tax act and no other deduction will be available except municipal taxes. Thanks
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