Respected Members
Rent Income
Is calculate is turnover or not ?
and Rent income is in which head of accounts capital or business income.
2 Replies
CA ABHAY GUPTA
(Practice)
(3230 Points)
Replied 29 November 2019
Rent income from land and building is taxable under head House Property unless and until it is not a business of person.. rent of plant and Machinery is taxable under head other source unless and until it is business of such person.
Kapadia Pravin
(17259 Points)
Replied 29 November 2019
Rent income on Land will fall under income from other sources. won't get 30% flat deduction towards repairs.
Rent income on building house property will fall under IFHP.
Rent income on building house property will fall under IFHP.
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