I am getting some rental income from the 6 shops which are built below my house. Apart from it I am getting the Pension.
Under which head the rental income should be reported ?
Various articles state that it should be reported as “Income from House Property” while some of the them said that it should come under “Income from Business / Profession”. Can someone please help.
Also the Municipal tax for the commercial part is deductible (OR) the municipal taxes from the residential part can also be used to show the deduction ?
It’s a litigated matter giving contrary views. Income tax doesnt specifically mention the head of income in such a case. Professionally I go for house property for obvious reasons of lesser tax. Further if you receive notice we can always take shelter under few of the court orders in this favour.