Composite Rent - Income Tax - Ready Reckoner - Income Tax

COMPOSITE RENT The owner of a property may sometimes receive rent in respect of building as well as Other assets like furniture, plant and machinery For different services provided in the building e.g. Lifts, Security, Power backup The amount so received is known as Composite Rent . TAX TREATMENT OF COMPOSITE RENT In case of composite rent In case of composite rent for residential building including charges for different services like lift, AC etc. or for commercial building including other assets like furniture, plant machinery etc. and these two letting are separable for residential building including charges for different services like lift, AC etc. or for commercial building including other assets like furniture, plant machinery etc. and these two letting are not separable THEN RENT RELATED TO THEN ENTIRE RENT RELATED TO Building is to be assessed u/s 22 and Other services / assets to be assessed either u/s 28 or 56 . Building as well as other services / assets to be assessed either u/s 28 or 56 .