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Income from house property
Direct Taxation
If i give my land for rent and told the renter to do whatever he wants.so the renter put a shed on the land and started selling tea.now will the rent still be income from house property or other sources?
Answers (14)
RITHIK METHA
It will be taxed under IFHP Even if you give your property for rent to other person who uses the property for business purposes it will be taxed under IFHP for you
But I gave only land.rent from land is income from other sources.but my example is slightly different angle
Thread Starter
Gokul NathBut I gave only land.rent from land is income from other sources.but my example is slightly different angle
Bro for a income to be recognised as IFHP first there should be a property in his/her name If you mean like that there is no separate provision for renting land .Any income which doesn't fall under salary, House property,PGBP and capital gain will be taxed under IFOS so it'll be taxed under other sources
Thread Starter
Gokul NathBut I gave only land.rent from land is income from other sources.but my example is slightly different angle
Since you have given land on rent, it will be considered under other sources.
CA Suraj Lakhotia Admin
Since you have given land on rent, it will be considered under other sources.
If I construct a shed and then rent the land will it still be IHP OR PGBP?
Thread Starter
Gokul NathIf I construct a shed and then rent the land will it still be IHP OR PGBP?
If you constructed the shed and rented then the rent of the shed will be taxed under House property not business bcoz your not doing the business
RITHIK METHA
If you constructed the shed and rented then the rent of the shed will be taxed under House property not business bcoz your not doing the business
Ya my bad i should have asked whether it's IHP or ios
RITHIK METHA
If you constructed the shed and rented then the rent of the shed will be taxed under House property not business bcoz your not doing the business
Why am I asking this question is that there is no definition of building in income tax act and if u take dictionary as base for interpretation of the word building it is boundary walls with or without roof.so in my roof example there are no boundaries walls and it has only just beams below the shed.
Thread Starter
Gokul NathWhy am I asking this question is that there is no definition of building in income tax act and if u take dictionary as base for interpretation of the word building it is boundary walls with or without roof.so in my roof example there are no boundaries walls and it has only just beams below the shed.
Anything that doesn't covered by salary HP PGBP and capital gain will be taxed under ifos
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