House property

Just to add to this, it has been held in some cases that if the constitution documents indicate that the primary objective is to be in the business of letting out, it may well be assessed as business income. This purely depends on facts and circumstances of each case and is bound to litigation.

CA Suraj Lakhotia

Admin

10-Feb-21 14:47

Income from House Property.

CA Suraj Lakhotia

Admin

10-Feb-21 11:30

The annual value of property consisting of any buildings or lands appurtenant thereto of which the assessee is the owner, other than such portions of such property as he may occupy for the purposes of any business or profession carried on by him the profits of which are chargeable to income- tax, shall be chargeable to income- tax under the head" Income from house property".

CA Suraj Lakhotia

Admin

10-Feb-21 11:31

Bound to litigation? Meaning?

Thread Starter

Aman Mahajan

CA Final

★ 19K+

11-Feb-21 11:10

It is going to be decided in the court of law, the act will not provide a fool proof solution

Sudha Reddy

CA Final

★ 20K+

11-Feb-21 11:22