Warehousing Rental Receipt is Income From House Property or Business ?? !

Persons who are involved in the business of rental of space in warehousing , often , get confused whether the income should be shown under the head “Income from House Property ” or since it is being carried out as a business activity, the rent receipt ( warehousing receipts) should be shown as “business income”....

10 Golden Rules for Claiming Deductions from House Property Income !

Do you know that one simple fault can restrict your interest deduction in case of self occupied house to Rs 30,000 from the maximum allowed Rs 1, 50,000? Whether water tax charged by Municipal Corporation is deductible from annual value of house property or whether you can borrow the home loan from a friend or...

Can Rent Received by Tenant Be Taken as Annual Value for Owner ?

The annual value of the house property is charged to tax under section 22.Since section 23(1) (a) provides that annual value is such which can be reasonably expected, a situation may arise that tenant has put the house on rent and tenant is paying less rent than the rent which he is receiving from his...

How Much Land can be Considered “Lands Appurtenant to” to a Building?

Section 22 of the Income Tax Act deals with  “income from house property. This provision contains the wordings “lands appurtenant to” which is used after the word “buildings” .The provision u/s 22 is given below 22. The annual value of property consisting of any buildings or lands appurtenant thereto of which the assessee is the...