QUESTION 1
Rental Sales from tenants- It qualifies as gross income because they meet all the requirements of the
gross income definition, namely, the total amount received by, accrued to, or is in favour of the resident
in cash or otherwise during the assessment year, and it is not of a capital nature. Hence, rental income
should be included in gross income.
Rental Sales from tenants- It qualifies as gross income because they meet all the requirements of the
gross income definition, namely, the total amount received by, accrued to, or is in favour of the resident
in cash or otherwise during the assessment year, and it is not of a capital nature. Hence, rental income
should be included in gross income.
