Government employee - Rental income

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..... I AM A GOVENMENT EMPLOYEE AND INTEND TO BUILD A COMMERCIAL COMPLEX( ON MY LAND )AND MAY FETCH A RENT OF RS.14 LAKHS PER ANNUM AND THE INTEREST ON LOAN APPROX WILL BE 4 LAKHS PER ANNUM FOR 7 YEARS. NEE .....

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..... D A SUITABLE ADVISE? 1.IF THE COMPLEX IS BUILT IN MY NAME WHETHER THE RENTAL INCOME WILL BE UNDER HOUSE PROPERTY OR BUSINESS HEAD ? 2.WILL IT BE ADVISABLE IF I LEASE THE LAND PROPERTY TO A COMPANY INC .....

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..... ORPORATED ( IN WHICH ONLY MY WIFE AND MOTHER WILL BE MEMBERS)WITH THE MAIN OBJECT OF EARNING RENTAL INCOME ( COMPLEX CONSTRUCTED BY THE COMPANY) ? WHICH WILL BE THE BEST OPTION AFTER CONSIDERING BANK .....

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..... INTEREST ,DEPRECIATION AND OTHER TAX PLANNINGS? - Reply By V Ramanujam - The Reply = As far as Income tax provisions are concerned, unless the assessee is in real estate business, any letting of prop .....

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..... erty (whether for commercial or otherwise) is assessable under the head 'income from house property'. Further, in the instant case, the activity would also attract service tax as the annual rent com .....

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..... ponent exceeds the basic exemption limit Rs.8.00 lakhs. - Government employee - Rental income - Query Started By: - A Dvivedi Dated:- 6-10-2007 Service Tax - Got 1 Reply - Service Tax - Discussion F .....

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..... orum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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