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Income Tax - Highlights / Catch Notes

Home Highlights May 2016 Year 2016 This

Income received by the assessee for letting out of Malls is ...

Income Tax

May 24, 2016

Income received by the assessee for letting out of Malls is assessable under the head “Income from profits and gains of business or profession” - Income received from letting out of fit-outs is assessable under the head “Income from other sources” - AT

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  2. Rental receipts from letting out commercial properties is assessable under the head income from profits & gains of business or profession and not as income from house property - AT

  3. Correct Head of income - rental income from Operating Family Entertainment Center cum Mall and Maintenance Charges - Income from House Property or Profit and Gains from...

  4. Rent received - whether the letting is a composite or inseparable letting - Income to be taxed under the head Income from other sources - HC

  5. Service charges received by the assessee from tenants - Income from house property or business income - service charges received by the company from the tenants is...

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  7. The income received by the assessee by letting out fully furnished office premises and furniture is required to be assessed under the head income from other sources - HC

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  9. Warehousing rental charges - Nature of income – the rental charges received by the assessee are assessable under the head income from business and not under home property - HC

  10. Correct head of income - Profit or loss derived from sale of land - Assessee has computed profit or loss derived from sale of land under the head ‘capital gains’ to...

 

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