i have found a sentance in v k singhaniya which says that the income is taxed as house income from house property even if a company is engaged in the bussiness of owning house property. so i would like to know that if a person is engaged in the business of selling HP , then both Profit and Notional Rent are subjext to tax or not.
1 Replies
Manmohan ACA, CS
(Chartered Accountant )
(14243 Points)
Replied 16 January 2011
Both profit and rent is taxable . Profit is taxable under the head profit and gains of business and profession and the Notional Rent are subject to tax under the head Income from House Property.
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