Income from house property
This query is : Resolved
05 November 2011
My director has three properties. One is residential and other two are commercial. The two commercial properties are let out to our company and he is getting rent of 880000/- p.a. for the same from our company. The residential property is financed by bank and at present he is paying interst amounting to 17 lacs p.a. Now he is planning to let out the residential property also and the proposed rental income for the same will be 80000/- for Dec,11 to Mar,12. He is getting 27 lacs salary p.a. and 14 lacs towards perks. Can he club the rental income from commercial & residential property and claim the loss from House property around 10 lacs to compensate against the salary income?
05 November 2011
Yes, set off is possible as a corollary to section 71(2A) of the Income tax Act,1961.
05 November 2011
Simply Yes since the income receiving is being chargeable in the same head of all three properties by you.. It could be possible even if you charge the income from commercial property under the head BP..
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on capital gains revoked us 54f
- Should I include march foreign salary received in April in my income for FY 2023-24?
- Inventory of finished goods
- Sale of property furniture sale
- Filing of Form 10BB instead of Filing Form 10B
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Confusion around Form 26QB fields
- Applicability of Ind As to associate of associate
- Refund of AY 22-23
- Disallowance of Section 43B(h) to sez units
- Last year input claim shown in gstr9
- GST Registration Cancellation books of accounts asked by officer
- TDS Deduction Online Learing Platform
- Point (III) 9 of GSTR-9C
- As per our records, find the below outstanding demand(s)* and interest payable u/s 220(2):
- Regarding transaction th. credit card
- HSN Details in IFF/GSTR-1 & in GSTR 9
- MIS MATCH OF INVOICE NUMBER
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
