Venkatramana Shastry C (Student CA Final ) (90 Points)
20 November 2020An assessee having rental income by way of letting out shops in a commercial complex earned 100000 Rs. Interest on building advance deposit in a year. My query is regarding the nature of interest earned as it is incidental to such property letting out. Is it to be classified as business income or other source?
Venkatramana Shastry C
(Student CA Final )
(90 Points)
Replied 20 November 2020
| Originally posted by : JATINDER KUMAR | ||
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Can you please explain in detail...!?
JATINDER KUMAR
(Accountant)
(3662 Points)
Replied 20 November 2020
CA PARTH SHAH
(In Practice)
(1951 Points)
Replied 23 November 2020
What is the nature of business activity of the assessee? If the assessee is in the business of letting out of property then it can be considered as Business income. Otherwise it has to be consdered as Other Sourse Income.
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