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What all does property include for income tax filing?


23-May-2023 (In Tax Law)
What all does the term property include for the purpose of income tax?
Answers (1)

Answer #1
234 votes
"The term property for the purpose of Income Tax Act, 1961 is limited to any building including land forming an integral part of that building, i.e. necessary for the use of the building and not used for any other purpose which may generate taxable income, for example a paid parking lot would not be considered part of a building and would be treated as a separate property.
Tax on rental income from a vacant plot is charged under the head ""income of other sources"".
Income from property used for business and profession will be taxed under the head ""income from profits and gains from business or profession"". "
 
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