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tax

This query is : Resolved 
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(Querist)
27 May 2011 If the main business of an individual is to letting the premises, than can he take the advantage of standard deduction of 30% under section 24.
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CA Navin Jain

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CA Navin Jain (Expert)
27 May 2011 yes, he can take the advantage of deduction, but can not take the advantage of any expenses related to income generate from rent.
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pradeep

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pradeep (Querist)
27 May 2011 and this income is calculated under the head IFB/P?
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CA Navin Jain

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CA Navin Jain (Expert)
27 May 2011 You make the profit and loos account, but tax will be calculated under head income from house property
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pradeep

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pradeep (Querist)
27 May 2011 if it is his main business then how can it calculated under IFHP.
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CA Navin Jain

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CA Navin Jain (Expert)
27 May 2011 even its main business, but u can take the advantage of ifhp

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