manoj (student) (5205 Points)
31 December 2012In case of indivisible contract for letting of property and furnishings, composite rent is taxable as other sources
Where letting of building and letting of fixtures, fittings, air-conditioning plant, furniture, etc., were inseparable, rental income be assessed as income from other sources
SUDHIR & PRADEEP JI
(CA FINAL+LLB + DISA)
(2299 Points)
Replied 31 December 2012
@VaibhavJ
(Believe!! Live your dreams!)
(33516 Points)
Replied 31 December 2012
Yes, S/22 :
The taxability of Composite Rent can be well understandable by considering Two cases mentioned below:
Case1: Where total amount are inseparable
Where composite rent consists of rent for the building & hire charges for other assets & the two rents are inseparable, then the entire amount is chargeable under the “Business Income” or “Other Sources”, as case may be.
Case2: Where total amount are separable
CA Sheetal Joshi
(Proprietor)
(39 Points)
Replied 31 December 2012
Composite Rent is taxable as Income From House property & if its clearly divisible & Demarcation of Rent Recd for property & Other facilities are mentioned & Evident in your agreement or have Seperate Agreements for both this Parts Then Property rent under HP & Other Rent under Other Sources
manoj
(student)
(5205 Points)
Replied 31 December 2012
ALL ABOVE THANKS FOR REPLYING BUT I M INFORMING NOT ASKING
sai
(Articleship)
(30 Points)
Replied 19 September 2014
| Originally posted by : manoj | ||
 |
In case of indivisible contract for letting of property and furnishings, composite rent is taxable as other sources Where letting of building and letting of fixtures, fittings, air-conditioning plant, furniture, etc., were inseparable, rental income be assessed as income from other sources |
 |
Is insurance premium paid deducted from ifos in this case?
sai
(Articleship)
(30 Points)
Replied 19 September 2014
| Originally posted by : manoj | ||
|
In case of indivisible contract for letting of property and furnishings, composite rent is taxable as other sources Where letting of building and letting of fixtures, fittings, air-conditioning plant, furniture, etc., were inseparable, rental income be assessed as income from other sources |
|
Is insurance premium paid deducted from ifos in this case?
CAclubindia
