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Regarding Income

Kamlesh Tolani (accountant) (562 Points)

29 November 2019

Respected Members
Rent Income
Is calculate is turnover or not ?
and Rent income is in which head of accounts capital or business income.

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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.

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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.