Regarding Rental Income from Commercial property
This query is : Resolved
05 April 2024
Respected Sir/Madam,
if Person receives rental income from commercial property and have GST Regd - rent above 20 lakhs, Is there any way to covered under Business Income rather than house property income in ITR, right now his income treated under house property head. But due to taxation purpose we want to reduce tax burden thru legal way.
Many people incorporate Pvt Ltd, transfer ownership of property to company than treated business Income.
Instead of above this, Is this legal way if normal person treated business income from commercial property in ITR without incorporating Pvt Ltd?
if Person receives rental income from commercial property and have GST Regd - rent above 20 lakhs, Is there any way to covered under Business Income rather than house property income in ITR, right now his income treated under house property head. But due to taxation purpose we want to reduce tax burden thru legal way.
Many people incorporate Pvt Ltd, transfer ownership of property to company than treated business Income.
Instead of above this, Is this legal way if normal person treated business income from commercial property in ITR without incorporating Pvt Ltd?
05 April 2024
how much tax savings are you expecting vs the extra effort to maintain the whole activity as business activity starting with registration under shops and establishment act?
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- GST on export of services and Input Credit
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- Should I report my US salary for January, February, March in Schedule FA?
- Can a partnership firm become partner in a LLP ?
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- TDS on purchase of value vouchers for employees ?
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
