Relating to HP income

This query is : Resolved

Dhanapal (Querist)
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08 July 2011 Dear sir,

Actually i am doing real estate business but i have rental income in this year. Can i Show my rental income as business income. If so, can i claim depreciation for the house as per IT Act.

Otherwise at what situation i can claim my rental income as business income???

Please give me a clear view.
Advance Thanks.

Regards,
Dhanapal.

CA Navin Jain

CA Navin Jain (Expert)
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08 July 2011 yes. you can treat the rental income as business income and claim the all exp rental income to rental income.

Dhanapal

Dhanapal (Querist)
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08 July 2011 Thanks a lot sir.

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Dhanapal

Dhanapal (Querist)
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08 July 2011 Sir, Can you send any notifications or evidence regarding it?

CA Mukesh Jain S

CA Mukesh Jain S (Expert)
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09 July 2011 Since the real estate is a business & rent is related to the business, he can show it as business income & claim all the expense related to it.

You can also refer to some of the decided case laws on the same.