In case if a property of an Assessee is under reconstruction and if the Assessee receives rent from the builder,
Then is that Rent taxable in the hands of Assessee.
Asif Khan
(Taxation executive)
(410 Points)
Replied 16 March 2011
AS PER INCOME TAX RENT WOULD BE TAXABLE IN HOUSE PROPERTY IF THE CONSTRUCTION OF THE PROPERTY IS ON THE LAND OWNED BY THE ASSESEE.
CORRECT ME IF I AM WRONG
Athmaram
(Articled Assistant)
(170 Points)
Replied 17 March 2011
| Originally posted by : asif khan | ||
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AS PER INCOME TAX RENT WOULD BE TAXABLE IN HOUSE PROPERTY IF THE CONSTRUCTION OF THE PROPERTY IS ON THE LAND OWNED BY THE ASSESEE. CORRECT ME IF I AM WRONG |
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I Accept with Mr. Asif.
And to Mr.Vishal if the property is held by the assessee then the rent is taxable under the head income from HP
Thanks & Regards
Ram.
Shriram Ramachandran
(IPCC Student CWA Inter & Processing officer in GNSA Infotech Ltd)
(492 Points)
Replied 17 March 2011
If a Assessee receives rent for the Tower which has been kept in his house then is that taxable & if taxable can u plz tell me under which Head.
Thanks in Advance
R Shriram
Shriram Ramachandran
(IPCC Student CWA Inter & Processing officer in GNSA Infotech Ltd)
(492 Points)
Replied 17 March 2011
Y not under HP?
Thanks
R Shriram
Shriram Ramachandran
(IPCC Student CWA Inter & Processing officer in GNSA Infotech Ltd)
(492 Points)
Replied 17 March 2011
Thanks
R Shriram
Athmaram
(Articled Assistant)
(170 Points)
Replied 18 March 2011
| Originally posted by : subramanya bhagirath k | ||
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Because the part lent out is niether a building nor a land apputunent.... |
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I don’t agree with Mr.Subramanya, because the tower is installed on the building & it is the portion of a building.
As per the IT act any rent received from the building let out on its full or a portion of the said building is taxable under the head income from HP.
If I m wrong please correct me & please post sufficient notification or judgments in this regards.
Thanks
Ram.
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