Hardik Patel (B.Com, CA Final) (158 Points)
17 August 2010Hello,
I want to know about the given probelem. We have one client which has a building which is let out to one trust for schooling purpose and charging a rent of Rs. 50,00,000/- P.A.
So my question is whether it is income from HP or Business income?
And he is also paying interest on loan so it can be setoff against such rent income.
Pleaseeeeeeeeeeee
Thanxs in advance
Manoj BG
(Tax Professional and in Service)
(1795 Points)
Replied 17 August 2010
HI HARDIK,
IT WILL BE TAXABLE UNDER THE HEAD INCOME FROM HOUSE PROPERTY...
100% SURE.
REGARDS,
MANOJ
Hardik Patel
(B.Com, CA Final)
(158 Points)
Replied 18 August 2010
and sir Interest can be set off against rent income?
Please
Thanxs.
Dheeraj
(Learner)
(1100 Points)
Replied 18 August 2010
YES
U CAN CLAIM THE DEDUCTIONS OF
1 ANY MUNICIPAL TAXES PAID
2 30% STANDARD DEDUCTION
3 ANY INTEREST PAID ON LOAN TAKEN ON THAT PROPERTY
Hardik Patel
(B.Com, CA Final)
(158 Points)
Replied 19 August 2010
But Dheeraj it is not taken for that property.
Its a general loan so its interest can be set off against rent income or not?
CAclubindia
