Income from house property: rental receipts must be reported under that head, not as business income, tightening tax base. Amendment clarifies that income from letting out a residential house or part thereof shall be chargeable under Income from House Property and not under ... Summary
Income from house property: rental receipts must be reported under that head, not as business income, tightening tax base.
Amendment clarifies that income from letting out a residential house or part thereof shall be chargeable under Income from House Property and not under Profits and Gains of Business or Profession, to prevent misclassification of rental receipts and tighten the tax base.
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