Deduction u/s 24a @30% on Rent received on COMMERCIAL PROPERTY
This query is : Resolved
23 July 2022
I have a commercial property ( office) in Ahmedabad city area and have received rent Rs.240000/- p.a.
Can I avail the deduction u/s24a @30% on NAR?
I have some opinion from my collegues that deduction u/s 24a available on only house rent income not Commercial or Industrial property is it right?
Pramod Shahu
8758872406
Can I avail the deduction u/s24a @30% on NAR?
I have some opinion from my collegues that deduction u/s 24a available on only house rent income not Commercial or Industrial property is it right?
Pramod Shahu
8758872406
23 July 2022
In case you are not claiming any depreciation treat it as house property under income tax and claim 30% deduction.
26 July 2022
Income of rent from whether a residential or a commercial property will be taxed under head of "Income from House Property". Deduction u/s 24(a) will be available even for a commercial property rented out.
It is just that Nomenclature is "Income from House Property"; however, this income from house property will any buildings or lands appurtenant thereto without any distinction as to whether it is a commercial property or a residential property. Deduction u/s 24(a) will also therefore be available.
Author: Advocate Ravish Bhatt
Gmail: ravishdbhatt@gmail.com
Link to Linkedln Profile: https://bit.ly/3IDGfsU
It is just that Nomenclature is "Income from House Property"; however, this income from house property will any buildings or lands appurtenant thereto without any distinction as to whether it is a commercial property or a residential property. Deduction u/s 24(a) will also therefore be available.
Author: Advocate Ravish Bhatt
Gmail: ravishdbhatt@gmail.com
Link to Linkedln Profile: https://bit.ly/3IDGfsU
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