Deduction u/s 24a @30% on Rent received on COMMERCIAL PROPERTY

This query is : Resolved

Pramod Shahu (Querist)
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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

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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23 July 2022 In case you are not claiming any depreciation treat it as house property under income tax and claim 30% deduction.

Adv. Ravish Bhatt, ADIT, CIOT

Adv. Ravish Bhatt, ADIT, CIOT (Expert)
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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

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