Rental Income

This query is : Resolved

MANISH KAPOOR (Querist)
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11 October 2010 What is the nature of Income from Rent received from commercial units let out in a shopping mall.
Whether House property or Business Income.

CA Punit

CA Punit (Expert)
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11 October 2010 Income from sale of commercial units will be business income but
rent received on let out of units will be income from house property

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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11 October 2010 Karnatake High Court in the case of CIT Vs. Bhoopalam commercial Complex & industries (P) Ltd said ,when commercial complex is constructed by the assessee and rental income is derived by the assesee alone in his own right,he is the owner under section 22 of the Income tax Act,1961 and even when the object of the assessee is to derive income from letting out, such income is to be assessed under the head Income from House property.

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