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House property

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Querist : Anonymous

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Querist : Anonymous (Querist)
22 December 2010 i have a query. interest on house property taken in P&L but not disallowed in ITR. And in ITR interest is also deducted limit Rs. 150000/-. Return shuld have to revise but can this house is shown as a business asset but depreciation is not claimed. Can House property shown as a Business asset and depreciation should claim to avoid taxes ??

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CA Ayush Agarwal

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CA Ayush Agarwal (Expert)
22 December 2010 any Let Out House Treat as HP property and charged under HP only and Standard Deduction allowed @30% u/s24(a)

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