Rent income
This query is : Resolved
10 September 2011
My client is private limited company engaged in construction of building. Land is not owned by company. The Company had launched a commercial scheme. only 60% shops/office could be sold. The company has temporarily given shops on rent. Shops unsold is stock in trade for company. Can company treat rent income received as business income.
10 September 2011
no it can not be treated as business income. any income from house property is to be taxable as house property.
10 September 2011
No it is not business income, It is income from HOUSE PROPERTY or income form OTHER SOURCE
In Above case it is income from Other Source. it is not a income from business because company's main business is construction.
It is company's policy that to sold only 60% and shop
given on the rent is Temporary. In future they can sale it
Abhishek Ranjan Singh
ARS Solutions
email2ars@gmail.com
+91 9022838615
In Above case it is income from Other Source. it is not a income from business because company's main business is construction.
It is company's policy that to sold only 60% and shop
given on the rent is Temporary. In future they can sale it
Abhishek Ranjan Singh
ARS Solutions
email2ars@gmail.com
+91 9022838615
10 September 2011
according to me rent income will be include in "income from other sources".
10 September 2011
AGREE WITH SUMIT, INCOME FROM HOUSE PROPERTY ONLY
10 September 2011
HA HA HA HA HA
I SEEN FROM THE ABOVE POST WHEN THE FUTURE OF INDIA IS GOING ON...
I REQUESTED TO ALL FRIENDS READ QUESTION CAREFULLY...........
IN THIS CASE RENT INCOME WILL BE TREATED AS BUSINESS INCOME......BECAUSE HERE ASSESSEE IS ENGAGED IN CONSTRUCTION BUSINESS.
ONE OF THE INTERESTING THING IN YOUR CASE IS COMPANY HAS NOT ITS LAND......SO AS PER INCOME TAX ACT IT WILL CONSIDER AS DEVELOPER BUT NOT A BUILDER.
income tax department alloted three category (1) Builder (2) Developer (3) contractor. ALL ARE LOOKING SAME BUT A LITTLE DIFFERENCE BETWEEN THEM.
ENJOY ALL EXPERTS..........
I SEEN FROM THE ABOVE POST WHEN THE FUTURE OF INDIA IS GOING ON...
I REQUESTED TO ALL FRIENDS READ QUESTION CAREFULLY...........
IN THIS CASE RENT INCOME WILL BE TREATED AS BUSINESS INCOME......BECAUSE HERE ASSESSEE IS ENGAGED IN CONSTRUCTION BUSINESS.
ONE OF THE INTERESTING THING IN YOUR CASE IS COMPANY HAS NOT ITS LAND......SO AS PER INCOME TAX ACT IT WILL CONSIDER AS DEVELOPER BUT NOT A BUILDER.
income tax department alloted three category (1) Builder (2) Developer (3) contractor. ALL ARE LOOKING SAME BUT A LITTLE DIFFERENCE BETWEEN THEM.
ENJOY ALL EXPERTS..........
11 September 2011
HA HA.. WHAT A COCKSURE MIXING OF SERVICE TAX & INCOME TAX
REALLY... CAN SEE WHERE THE FUTURE IS GOING
:D
REALLY... CAN SEE WHERE THE FUTURE IS GOING
:D
11 September 2011
@hardik dont lough
It is not a business income.
IT IS INCOME FROM OTHER SOURCE
Like you have some assets and you are getting some interest on it but earning interest is not your main business. AND IN ABOVE CASE SHOPS ARE RENTED TEMPORALLY.
It is not a business income.
IT IS INCOME FROM OTHER SOURCE
Like you have some assets and you are getting some interest on it but earning interest is not your main business. AND IN ABOVE CASE SHOPS ARE RENTED TEMPORALLY.
19 September 2011
still laugh on PUNIT AND ABHISHEK.........
Mr. Punit you need to learn account too very well. now i m dam sure to laugh on u HA HA HA. Mr. punit for your kind information DEVELOPER is out of scope from service tax.
Mr. abhishek in the given case company has not its own asset READ CAREFULLY.
Mr. Punit you need to learn account too very well. now i m dam sure to laugh on u HA HA HA. Mr. punit for your kind information DEVELOPER is out of scope from service tax.
Mr. abhishek in the given case company has not its own asset READ CAREFULLY.
19 September 2011
HA HA.. u proved, u r too dopy to understand what i meant....
anyways.. keep giving ur INVALUABLE judgements &... keep laughing
anyways.. keep giving ur INVALUABLE judgements &... keep laughing
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
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- ITC temporary reversal and reclaim
- TDS U/S. 194NF
- GST on export of services and Input Credit
- 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
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- MIS MATCH OF INVOICE NUMBER
- VERIFICATION OF REFUND RELATED
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
Trending Online Classes
CAclubindia
