rakeshkuma (B.COM CA FINAL) (43 Points)
09 March 2012i've rented a house for 25000/-p.m, with an additonal clause of paying interest for delay payment(i.e. beyond 10th of next month) @ 12%.
Now my doubt is abt the treatment of interest recieved. whether to include in house property income or income from other sources.
jaimin shah
(Finance Manager)
(111 Points)
Replied 09 March 2012
Aashutosh Bhide
(Article)
(104 Points)
Replied 10 March 2012
IT IS INTEREST INCOME..... SO SHOULD BE INCLUDED IN OTHER SOURCE INCOME........
V Dilip Kumar
(Deputy Manager of Corporate Finance)
(24 Points)
Replied 10 March 2012
ya...It is absolutely income from other sources
Anooj
(Chartered Accountant)
(2130 Points)
Replied 10 March 2012
| Originally posted by : Aashutosh Bhide | ||
 |
IT IS INTEREST INCOME..... SO SHOULD BE INCLUDED IN OTHER SOURCE INCOME........ |
 |
Pooja Jindal
(Student)
(36 Points)
Replied 10 March 2012
Interest must be taken to the Head " Income from Other Sources" because of following reasons:
-Income from House property includes income which is in inherent capacity of property but interest earned in above case do not represent the inherent capacity of property hence it must be taken to head " Income from other Sources."
*RENU SINGH *
(✩ §m!ℓ!ñġ €ม€§ fℓม!ñġ ђ♪gђ✩ )
(21627 Points)
Replied 11 March 2012
Not income from house property ...
It;s income from other sources
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