Income tax

This query is : Resolved

SUBHASH MISHRA (Querist)
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31 March 2009 Respecte sir,

If a person who is getting shop and godown rent then is he eligible for deduction u/s 24 towards repairs and renewals under the head "Income from house property" as this is not a house property. These are commercial concerns.

If in above question if he is not eligible under "Income from house property" then whether we will show it under the head "Income from other sources"
Please guide.

Thanks

(Subhash Mishra)

CA. B.SRINIVASULU

CA. B.SRINIVASULU (Expert)
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31 March 2009 Eventhough the heading is income from house property - it does not mean that it is dwelling house.

It includes all commercial buildings also therefore you are eligible to claim the deduction.

Manmohan ACA, CS

Manmohan ACA, CS (Expert)
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31 March 2009 A owned house property let out for any purpose (for residence of other, commercial purpose) shall be taxable as income from house property.
standard deduction u/s 24(a) is allowed @ 30% of NAV.
NO other expenses(other then int on loan ) is allowed in respect of any revenue expenses for the property.

regards.......!

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