If a person who is getting shop and godown rent then is he eligible for deduction u/s 24 towards repairs and renewals under the head "Income from house property" as this is not a house property. These are commercial concerns.
If in above question if he is not eligible under "Income from house property" then whether we will show it under the head "Income from other sources" Please guide.
31 March 2009
A owned house property let out for any purpose (for residence of other, commercial purpose) shall be taxable as income from house property. standard deduction u/s 24(a) is allowed @ 30% of NAV. NO other expenses(other then int on loan ) is allowed in respect of any revenue expenses for the property.
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