09 March 2016
OUR IS PARTNERSHIP FIRM ENG WORK HAVING FACTORY SHED AT MIDC AND PART OF THE FACTORY IS GIVEN ON RENT . THE RENT RECIEVED CAN BE SHOWN AS HOUSE PROPERTY INCOME AND WHETHER INT ON CAPITAL AND REMUNERATION TO PARTNERS ARE ALLOWABLE AS DEDUCTION FROM THE SAID PROPERTY INCOME OR NOT PL EXPLAIN
09 March 2016
Rent recieved from renting is income from HP but no deduction is allowed against this income except for sec 24 (a) n (b). Int on capital & remuneration to partners not allowed to deduct against rental income.
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