Set off of loss from hp
This query is : Resolved
14 December 2011
I have rental income from house property.I charge depreciation on such property but do not claim it bcoz it is not allowable under IT Act,1961.Now the building fell and I suffered a loss.What type of loss would this be and can it be set off against business income???
14 December 2011
The loss arising on destruction of the building is a loss under the head "Income from House Property".
Such loss can be set-off against any income, including business income.
Such loss can be set-off against any income, including business income.
Guest
Guest
(Expert)
14 December 2011
I guess it is not loss under IFHP, it should be part of drawings.
14 December 2011
Agree with Neha jain
Because house property loss means loss become due to higher payments of municipal taxes,deduction of interest on loan u/s 24 B in let out case.
or in case of self occupied house loss due to interest deduction u/s 24B.
fall in the value of HP due to depreciation or from any other reason can't be considered loss from house property.
Because house property loss means loss become due to higher payments of municipal taxes,deduction of interest on loan u/s 24 B in let out case.
or in case of self occupied house loss due to interest deduction u/s 24B.
fall in the value of HP due to depreciation or from any other reason can't be considered loss from house property.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- TDS U/S. 194NF
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Tds on building rent monthly
- Import license renewal
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
