Advance Tax - Senior Citizens

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  1. prabha123

    prabha123 New Member


    I am a senior citizen and I have rented out premises on commercial basis.

    Whether the activity of renting out premises on commercial basis has to be considered as "business income" and if so, whether I am liable to pay "Advance Tax" considering that I am a senior citizen.


  2. ZED

    ZED Well-Known Member

    As per S. 22, any income from property consisting of any buildings or lands appurtenant to, would be chargeable to tax under the head income from house property. It did not made any differentiation between a commercial property or a residential property.

    "The annual value of property consisting of any buildings or lands appurtenant thereto of which the assessee is the owner, other than such portions of such property as he may occupy for the purposes of any business or profession carried on by him the profits of which are chargeable to income-tax, shall be chargeable to income-tax under the head "Income from house property."

    As per S.207(1), the provisions of advance tax will not be applicable to a senior citizen who does not has any income chargeable to tax under the hear profit and gain from business and profession.

    S.207(1) Tax shall be payable in advance during any financial year, in accordance with the provisions of sections 208 to 219 (both inclusive), in respect of the total income of the assessee which would be chargeable to tax for the assessment year immediately following that financial year, such income being hereafter in this Chapter referred to as "current income".

    (2) The provisions of sub-section (1) shall not apply to an individual resident in India, who—

    (a) does not have any income chargeable under the head "Profits and gains of business or profession"; and

    (b) is of the age of sixty years or more at any time during the previous year.
  3. prabha123

    prabha123 New Member

    Thanks for the reply.

    ZED likes this.
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