If we let out part of leasehold property on rent, then can we claim subletting charges paid to MIDC as deduction from income from house property.
Also want to know that as we are doing other business from the said property then expenses incurred for brokerage for renting out the part of property & legal charges paid for drafting lease agreement can both the expenses claim as business income or from income from house property.
27 November 2009
Hi Sudhir, Under the head income from house property, u get only two deductions i.e standard deduction u/s 24(a) n Interest u/s 24(b). there is no other deduction available under this head. Further, if the business is done from the rented property then all the expenses mentioned above can be claimed as deductions from business income as house property head specifically excludes properties from where business is done. In case you have any doubt, you can revert back to me. Regards, CA Shakuntala Chhangani
CAclubindia
