TaxTMI 
TaxTMI 
Government employee - Rental income
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....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....
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....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....
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....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....
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....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....
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.... 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....
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....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....
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....it Rs.8.00 lakhs.<br> Discussion Forum - Knowledge Sharing ....