Government employee - Rental income

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....overnment employee - Rental income<br> Query (Issue) Started By: - A Dvivedi Dated:- 6-10-2007 Last Reply Date:- 8-10-2007 Service Tax<br>Got 1 Reply<br>Service Tax<br>I AM A GOVENMENT EMPLOYEE AND IN....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....TEND TO BUILD A COMMERCIAL COMPLEX( ON MY LAND )AND MAY FETCH A RENT OF RS.14 LAKHS PER ANNUM AND THE INTEREST ON LOAN APPROX WILL BE 4 LAKHS PER ANNUM FOR 7 YEARS. NEED A SUITABLE ADVISE? 1.IF THE CO....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....MPLEX IS BUILT IN MY NAME WHETHER THE RENTAL INCOME WILL BE UNDER HOUSE PROPERTY OR BUSINESS HEAD ? 2.WILL IT BE ADVISABLE IF I LEASE THE LAND PROPERTY TO A COMPANY INCORPORATED ( IN WHICH ONLY MY WIF....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....E AND MOTHER WILL BE MEMBERS)WITH THE MAIN OBJECT OF EARNING RENTAL INCOME ( COMPLEX CONSTRUCTED BY THE COMPANY) ? WHICH WILL BE THE BEST OPTION AFTER CONSIDERING BANK INTEREST ,DEPRECIATION AND OTHER....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... TAX PLANNINGS? Reply By V Ramanujam: The Reply: As far as Income tax provisions are concerned, unless the assessee is in real estate business, any letting of property (whether for commercial or othe....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....rwise) is assessable under the head 'income from house property'. Further, in the instant case, the activity would also attract service tax as the annual rent component exceeds the basic exemption lim....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....it Rs.8.00 lakhs.<br> Discussion Forum - Knowledge Sharing ....