Allowalbility of exp.

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

20 August 2012 Query is :Assessee has income only from house property ,and no income from b&p .
assessee claim exp like fixed exp. and director remu. in head b&p ,but
the i.t officer reject these exp. bcs there is no any income from
from b&p.,and allowed only 1/3 of exp. in the head house prop,pls
rply with provision

CA AYUSH AGRAWAL

CA AYUSH AGRAWAL (Expert)
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20 August 2012 Under 24a, Hp Only 30% of Rent Income Allowed as Expenses.
No Relation With Expenses.

& If Nature of business of Company in Memorandum Mentioned is Business That is Company Not Doing, Only Incurring Expenses, The Same Allowed as BP Expenses.

You Have to Bifurgate The Expenses as HP expenses and BP expenses