05 November 2011
My director has three properties. One is residential and other two are commercial. The two commercial properties are let out to our company and he is getting rent of 880000/- p.a. for the same from our company. The residential property is financed by bank and at present he is paying interst amounting to 17 lacs p.a. Now he is planning to let out the residential property also and the proposed rental income for the same will be 80000/- for Dec,11 to Mar,12. He is getting 27 lacs salary p.a. and 14 lacs towards perks. Can he club the rental income from commercial & residential property and claim the loss from House property around 10 lacs to compensate against the salary income?
05 November 2011
Simply Yes since the income receiving is being chargeable in the same head of all three properties by you.. It could be possible even if you charge the income from commercial property under the head BP..
CAclubindia
