Characterization of income - Income from giving furniture on ...

Income Tax

October 1, 2019

Characterization of income - Income from giving furniture on hire - 'Income from Other Sources’ - Furniture and fixtures are business assets of the assessee, hence, income generated from giving furniture on hire is business income of the assessee.

View Source

← Previous Next →

Characterization of income - Income from giving furniture on ...

Income Tax

October 1, 2019

You may also like:

Depreciation on paintings which were part of furniture and fixtures - either hung in the office or given to the producer for the original shoots, or used in various...

Depreciation on assets of hire purchase and leasing business – setting up of new business i.e. new source of income - There is no interconnection between the businesses...

Repossession of assets given on hire purchase - loss incurred by the assessee due to sale of repossessed assets are allowable as business loss - AT

Renovation expenditure as capital expenditure - payment towards purchase of furniture and fixture for new office have been incurred for purchase of furniture and fixture...

Depreciation on the furniture and fixture against the rental income of movable assets - In case of contract, parties to the agreement make law for themselves to which...

Penalty u/s 271(1)(c) - claim of depreciation @100% instead of 15% - Temporary Wooden structures like interiors, glow signs etc. being Furniture & Fixture - Levy of...

Nature of Lease Rent Received - Income from business or house property or other sources - Lease agreements - furnishing of floors of the building given on rent -...

Determination of STCG u/s 50 - Sale of entire business with all assets - appropriation of sales consideration towards one block of Buildings or all blocks including...

LTCG in connection with the furniture and fixtures attached with the transfer of tenancy rights - Since agreement nowhere speaks about the transfer of furniture and...

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

Quick Updates: