Tax planning

This query is : Resolved

CA Shyam Agarwal (Querist)
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26 November 2014 Hello Friends Plz tell me

My client is earning Plot Rent 670000/- plus approx 200000/- interest income from other sources. Now he wants to claim expenditure from this income.

So plz tell me head of the expenses in which he can claim expenses..

can treat this income as income from Business.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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26 November 2014 for rent income only 30% is allowed and if any loan is taken on such plot then int actually paid is allowed.

for int income any exp incurred for earning only can be claimed in this case.

CA Shyam Agarwal

CA Shyam Agarwal (Querist)
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26 November 2014 30% stand. deduction can be claim under house property bcz its not constructed its is income from other sources can we treat it income from business. there is any case law. in which interest, or rent received is treated as income from business

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CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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26 November 2014 means u are saying rent income is income from business?
thats not possible as its income frm house property only and there is no case law to prove that its income frm business because there is specific head already existing.