TMI BlogCorrect head of income - The provisions of section 56 of the I.T.Act states that in case the property...Correct head of income - The provisions of section 56 of the I.T.Act states that in case the property and equipment are let out and if the rent receivable are inseparable, then only the rent shall be taxable as “income from other sources”. In other words, if letting out of property is separable from letting out of other assets, as in the instant case, then the rent for house property is taxable u/s 22 of the I.T.Act, whereas, rent for other assets is taxable either u/s 28 of the I.T.Act as profi..... ..... X X X X Extracts X X X X X X X X Extracts X X X X
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