Rent received
Shaikh Zaid (1 Points)
24 October 2019
Rent received from house property held as stock in trade is taxable under which head?
4 Replies
Madhvi kashyapa
(student)
(290 Points)
Replied 24 October 2019
Income from HP; unless renting properties is its business.
Kapadia Pravin
(17264 Points)
Replied 24 October 2019
Merely showing house property as stock in trade , rent income does not fall under Business income.
As per your query if it's single house property then rent income will be under the head Income from house property.
Besides, thanks to the judiciary,
over time and after many cases, certain key principles have emerged as templates for characterisation of rental income under the head PGBP.
As per your query if it's single house property then rent income will be under the head Income from house property.
Besides, thanks to the judiciary,
over time and after many cases, certain key principles have emerged as templates for characterisation of rental income under the head PGBP.
sabyasachi mukherjee
(27715 Points)
Replied 26 October 2019
House PROPERTY HELD AS STOCK IN TRADE .
SHAIKH YIU HAVE NOT MENTIONED WHETHER RENT RECEIVED FROM HOUSE PROPERTY AS STOCK IN TRADE IS TAXABLE UNDER WHICH HEAD :
HOUSE PROPERTY HELD AS STOCK IN TRADE IS USED FOR BUSINESS PURPOSE.
SO IT IS SHOWN UNDER BUSINESS INCOME.
MERELY RENT INCOME IS GROUPED UNDER HOUSE PROPERTY.
BUT SINCE THE ASSESSE IS USING IT FOR THE PURPOSE OF BUSINESS .
SHAIKH YIU HAVE NOT MENTIONED WHETHER RENT RECEIVED FROM HOUSE PROPERTY AS STOCK IN TRADE IS TAXABLE UNDER WHICH HEAD :
HOUSE PROPERTY HELD AS STOCK IN TRADE IS USED FOR BUSINESS PURPOSE.
SO IT IS SHOWN UNDER BUSINESS INCOME.
MERELY RENT INCOME IS GROUPED UNDER HOUSE PROPERTY.
BUT SINCE THE ASSESSE IS USING IT FOR THE PURPOSE OF BUSINESS .
Kapadia Pravin
(17264 Points)
Replied 26 October 2019
Response on Sanyasachi post
Repeatedly tortuous post for forum users
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Repeatedly tortuous post for forum users
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