02 July 2013
A REGD.FIRM. HAVING STOPPED BUSINESS ACTIVITY AND THE ASSET,GIVEN ON RENT,THEREBY INCOME CHARGEABLE UNDER INCOME FROM HOUSE PROPERTY, CAN IT CLAIM DEDUCTION U/S 40(A) & 40(B) FOR INTEREST AND SALARY TO PARTNER. OR WILL IT BE NECESSARY TO CARRY ON SOME BUSINESS TO CLAIM DEDUCTION U/S 40(A) & 40(B). OTHERWISE WHAT TO DO TO CLAIM DEDUCTION U/S 40(A) & 40(B) OUT OF RENTAL INCOME ONLY?
07 August 2013
Why you are showing the income as income from house property? You should show this as a leasing business and accordingly claim the deduction as referred by you.
CAclubindia
