Case Law Details
It appears that this issue is no longer debatable in view of the decision in the case of CIT v Ansal Housing Finance & Leasing Co. Ltd. decided on 31.10.2012 in ITA No. 18/1999. That decision has, subsequently, been followed in CIT v. Discovery Estates Pvt. Ltd (in ITA Nos. 1089/11 and 1090/2011) and CIT v. Discovery Holding Pvt. Ltd. (in ITA No. 1097/2011) decided on 18.02.2013. One of the questions raised in Discovery Estates Pvt. Ltd and Discovery Holding Pvt. Ltd (supra) was ‘whether the Income-tax Appellate Tribunal was right in holding that the rental income should be assessed in the income from the business and not under the head “income from house property’?” This court answered that question in the negative by following the decision in the case of Ansal Housing Finance & Leasing Co. Ltd (supra).
THE HIGH COURT OF DELHI AT NEW DELHI
Judgment delivered on: 17.05.2013
Please become a Premium member. If you are already a Premium member, login here to access the full content.
Would like to know whether the Rent recd by the owner should pay TAX on it & if so what % …if his Income is NOT under the TAX Bracket? after adding the rent as income recd
Can you please advice