House property
This query is : Resolved
01 August 2012
If one has purchased industrial plot and constructed a godown on it. Later on rented the same and receiving rent on it. The rent received from such godown shall come u/s 24 (house property) or no? If yes can he avail Standard deduction and interest on loan paid as deductions?
If not u/s 24 then under which section such income will come and what deductions can b claimed?
If not u/s 24 then under which section such income will come and what deductions can b claimed?
01 August 2012
If you read carefully, no where in Section 24, the word "Residential" has been inserted with the word "Property".
.
So, you can claim Standard Deduction as well as Interest.
.
.
So, you can claim Standard Deduction as well as Interest.
.
01 August 2012
ok. thank u sir
02 August 2012
5.2 CONDITIONS FOR CHARGEABILITY
(i) Property should consist of any building or land appurtenant thereto.
(a) Buildings include not only residential buildings, but also factory buildings, offices, shops, godowns and other commercial premises.
(b) Land appurtenant means land connected with the building like garden, garage etc.
(c) Income from letting out of vacant land is, however, taxable under the head “Income
from other sources”.
hence taxable under the head of house property. the assessee can claim standard deduction and deduction for interest on loan.
(i) Property should consist of any building or land appurtenant thereto.
(a) Buildings include not only residential buildings, but also factory buildings, offices, shops, godowns and other commercial premises.
(b) Land appurtenant means land connected with the building like garden, garage etc.
(c) Income from letting out of vacant land is, however, taxable under the head “Income
from other sources”.
hence taxable under the head of house property. the assessee can claim standard deduction and deduction for interest on loan.
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
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- GST on export of services and Input Credit
- TDS U/S. 194NF
- Applicable TDS rate for sale of property in Nov 2024
- RCM INVOICING FROM NOV-2024
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
- CASE INTIMATION OF LIABILITY UNDER SECTION 73(5)(Rule 142(1A)
- Need to correct "Whether it is last installment " response in Form 26 QB
Trending Online Classes
CAclubindia
