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Income Tax - Highlights / Catch Notes

Home Highlights January 2017 Year 2017 This

Income on account of licence fees and amenities provided to ...

Income Tax

January 13, 2017

Income on account of licence fees and amenities provided to tenant - business income OR income from house property income - It is a case of exploiting the asset commercially and not the case of mere letting it out - to be taxed as business income - AT

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  1. Nature of income - entire building was leased to tenants registered under the Software Technology Parks Scheme - Various Amenities / services were also provided -...

  2. 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...

  3. Receipt of commission income from tenant - income of commission received is to be assessed as business income and not as income from house property - AT

  4. Income from house property - contributions of the tenants of the property towards sinking fund cannot be assessed as rental income of the assessee. - AT

  5. Income from house property - ALV of property - amounts received under the maintenance agreement - There are certain services provided by the assessee which are common...

  6. Income from house property - Deduction of Interest paid on security deposit received from the tenants - these interest bearing deposits has been utilized for repayment...

  7. Income from house property - Vacancy allowance - Tenant stopped payment rent and stopped using the premises but did not handover the possession back to assessee owner - AT

  8. Deduction u/s. 24(a) equal to 30% - Rental income from fixture, fittings and amenities - separate agreements for let out of the property and for providing amenities -...

  9. Nature of rental income - Income from house property or business income - acquiring and leasing properties - rental/licence fee received by the assessee in respect of...

  10. Head of the income - amount received for providing amenities to the tenant - amount towards furniture and other facilities including car parking, benefit of sanitary...

 

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