Should your home office be taxed under residential or commercial establishment?
There are many home owners who make their homes a place of commercial establishment. Is it right to convert your residence into office? Is it right to carry out commercial tasks from your house? Should your residence be taxed? Run your eyes through the next lines to know more.
Wait before your start your business from home
Many property buyers purchase a property with a hope of using the home for living as well as for working purposes. Imagine, you live in a residence with your family. You are a person who wants to start a business of movers and packers right from your house. The high price of a plot does not allow you to start your business in a different place. Therefore, you decide to begin your start-up business from your house. Are you allowed to run your business from your house? You are staying in a home which is used for accommodation. In the same home, when you will run your business, your home is used for staying purpose as well as for commercial purpose. For example, if you reside in a well-known property of Godrej, and you take the step of operating your business from the beautiful and serene Godrej atmosphere, you should know if your commercial establishment will be taxable. Instead of getting panicked, know the tax rules before you start your business in a residential property.
About the charming Godrej property
Godrej properties are not restricted to Mumbai. You can find the eminent Godrej housing projects in many areas of India. They take pride in owning sought-after housing complexes in India. The residential flats which are built under Godrej property are equipped with supreme level of amenities. The sophisticated surroundings, eco-friendly environment and the high class amenities make Godrej properties a worthy place to reside.
Tax exemptions for the following professionals
As per the Municipal Corporation, your residence is solely meant to live and not to execute your business in a full fledged manner. Business in homes hampers the safety and peaceful ambience of eminent residential complexes. However, certain professionals such as medical practitioners, teachers, consultants, trainers and advocates are permitted to start their business in their respective residences and the good news is that they do not have to pay tax. People who do not fall under the aforementioned professions will have to pay tax upon carrying out their business from homes. Your residential apartments cannot be used for commercial reasons. If you do so, then you will have to inform the Municipal Corporation of your area to seek permission.
Importance of space
Every property has its own square feet. Just like other housing complexes, the Godrej group has spaces of varying square feet. You cannot use the entire square feet of your apartment for your business work, especially for people who are allowed to do their business at home. As per the laws laid by Municipal Corporation, you can use only 25 percent of the square feet of your house for your business work. If you do not abide by the municipal laws, then you will be bound to pay extra money as tax to the Municipal Corporation.
Hence, try to use your residence strictly for staying and not for carrying out business functions. In case you do so, be ready to be charged. Know the protocols before you embark on a home office in your residential establishment.
Wait before your start your business from home
Many property buyers purchase a property with a hope of using the home for living as well as for working purposes. Imagine, you live in a residence with your family. You are a person who wants to start a business of movers and packers right from your house. The high price of a plot does not allow you to start your business in a different place. Therefore, you decide to begin your start-up business from your house. Are you allowed to run your business from your house? You are staying in a home which is used for accommodation. In the same home, when you will run your business, your home is used for staying purpose as well as for commercial purpose. For example, if you reside in a well-known property of Godrej, and you take the step of operating your business from the beautiful and serene Godrej atmosphere, you should know if your commercial establishment will be taxable. Instead of getting panicked, know the tax rules before you start your business in a residential property.
About the charming Godrej property
Godrej properties are not restricted to Mumbai. You can find the eminent Godrej housing projects in many areas of India. They take pride in owning sought-after housing complexes in India. The residential flats which are built under Godrej property are equipped with supreme level of amenities. The sophisticated surroundings, eco-friendly environment and the high class amenities make Godrej properties a worthy place to reside.
Tax exemptions for the following professionals
As per the Municipal Corporation, your residence is solely meant to live and not to execute your business in a full fledged manner. Business in homes hampers the safety and peaceful ambience of eminent residential complexes. However, certain professionals such as medical practitioners, teachers, consultants, trainers and advocates are permitted to start their business in their respective residences and the good news is that they do not have to pay tax. People who do not fall under the aforementioned professions will have to pay tax upon carrying out their business from homes. Your residential apartments cannot be used for commercial reasons. If you do so, then you will have to inform the Municipal Corporation of your area to seek permission.
Importance of space
Every property has its own square feet. Just like other housing complexes, the Godrej group has spaces of varying square feet. You cannot use the entire square feet of your apartment for your business work, especially for people who are allowed to do their business at home. As per the laws laid by Municipal Corporation, you can use only 25 percent of the square feet of your house for your business work. If you do not abide by the municipal laws, then you will be bound to pay extra money as tax to the Municipal Corporation.
Hence, try to use your residence strictly for staying and not for carrying out business functions. In case you do so, be ready to be charged. Know the protocols before you embark on a home office in your residential establishment.
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