House property

Querist : Anonymous (Querist) 24 December 2011 This query is : Resolved
guys I wanna know that
If the property used for the purpose of business ,then in which head it is chargeable?

n

what does it means "annual value of house property will be charged under head income from house property when it is held by assessee as stock in trade of a business"/.

pls reply as soon as possible ......

Follow Query

Report Abuse

V R SHROFF (Expert) 24 December 2011
RC
Tax Experts are rt persons.

adv. rajeev ( rajoo ) (Expert) 24 December 2011
It comes under the income from house property. Annual value means rent payable or the Annual tax Payable.

Nadeem Qureshi (Expert) 24 December 2011
i think Mr. rajoo is right

soumitra basu (Expert) 25 December 2011
No income tax is payable if the house property is used for the purpose of business. Moreover, depreciation may be claimed as expenditure.

prabhakar singh (Expert) 26 December 2011
gal!Although your query is baffled with many loop holes yet Mr. soumitra basu has entertained it very correctly.

YOGESH NARANG (Expert) 26 December 2011
Chargeability (Section 22):
The annual value of a property, consisting of any buildings
or lands appurtenant thereto, of which the assessee is the
owner, is chargeable to tax under the head ‘Income from house
property’ after claiming deductions under section 24 provided
such portion of the property is not used by the assessee for
the purpose of business or profession the income from which
is chargeable to Income tax.
Essential Conditions for charging income under this head
i) The property must consist of buildings and lands.
ii) The assessee must be the owner
iii) The property must not be used for the purpose of business
or profession.

so, in your case if u r the owner of property and using for business purpose it is not chrgable for income tax

Previous

Next

You need to be the querist or approved LAWyersclub expert to take part in this query .

Click here to login now

Similar Resolved Queries :

Ask Query
Unanswered Queries