Mihir Manohar (CA Final - Article Assistant) (474 Points)
05 October 2012We consider Building and Land oppurtunant thereto as HOUSE PROPERTY. But what are the exact specifications of proportion of land and building in this property??? If Land is 90% and building constitutes only 10%, then what should be consideration?
CA Manish
(Job)
(5264 Points)
Replied 05 October 2012
If the land appurtenant thereto yields any independent and commercial income, such income shall not taxable under the head house property, it will be taxable either as business income or other income.
Giridhar S Karandikar
(Team Lead)
(7543 Points)
Replied 05 October 2012
Section 22 of the I-T does not indicates that the proprotion of the building and land appurtenat thereto should be of some specific area. It only talks that of the land which is appurtenant to the building of whihc the assessee is the owner.
So if there is any building have walls, roofs and there is land appurtenant to ti of whihc the assessee is the owner then the income fomr such would be taxable under House Property.
CA.ATUL GUPTA IPCC TAX FACULTY
(CA )
(98 Points)
Replied 05 October 2012
yaa it is very much right that IT department do not specift the proportion of land and building.if you are earning from building then all will be taxable under head house property.
Live class on PF & ESI Enrollment & Returns Filing(with recording)
CAclubindia
