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Income from property section 15(7) explanation req
03-06-2011, 06:42 PM,
#1
Income from property section 15(7) explanation req
Kindly pLz if anyone reply to my query.
For tax year 2011 Income from property does not come in FTR.

Well what will be the treatment with reference to 15(7) if the individual or AOP derives income under other heads and his income from rent received is less than 150,000.

Lets say Income from business is 350,000 and rent received is 70,000. should we add both and apply tax under normal tax regime. Now should we also mention that 70000 in income from property or just simply merge it in business income.
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03-06-2011, 07:16 PM,
#2
 
Your Rent of Rs 70,000 will fall under the Head "Income from Property" as separated from the head "Income from business".

As the rent below 150,001 is taxed @ Nil therefore no tax shall be paid in respect of "Income from Property". However tax shall be required to be paid on business Income as normal.

Hope this answered your query.


<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by daneyal13</i>
<br />Kindly pLz if anyone reply to my query.
For tax year 2011 Income from property does not come in FTR.

Well what will be the treatment with reference to 15(7) if the individual or AOP derives income under other heads and his income from rent received is less than 150,000.

Lets say Income from business is 350,000 and rent received is 70,000. should we add both and apply tax under normal tax regime. Now should we also mention that 70000 in income from property or just simply merge it in business income.
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
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03-06-2011, 07:47 PM,
#3
 
thanku so much .im obliged.
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03-07-2011, 03:49 AM,
#4
 
Agreed with SAYUB.
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