Tax Treatment

I have 3 questions:

a) Can depreciation be claimed on a house property which is let out to an another person?

     i. if the rental income is claimed as house property income.

    ii. if the rental income is claimed as profit from business/profession

   iii. Which one of the above two is advatageous for a company?



b)Can business loss be set off against short term capital gain from unquoted shares?



c) Under what head does Profit  from Commodity trading fall?

 

Please Advise wisely and with proper explanation.

Replies (6)

a-rental income from house propety can be claimed only under head income from house propety. thus no quest. of claiming depeciation.

b-YES

c-PGBP

Originally posted by : prateek

a-rental income from house propety can be claimed only under head income from house propety. thus no quest. of claiming depeciation.

b-YES

c-PGBP

AGREED.

a-rental income from house propety can be claimed only under head income from house propety. thus no quest. of claiming depeciation.

b-YES

c-PGBP

Thanks to all d persons who replied.

But the thing is my clients has their "Profit from Commodity Trading" classified under the head:

"Income from Other sources" and they say this is proper.

Originally posted by : prateek

a-rental income from house propety can be claimed only under head income from house propety. thus no quest. of claiming depeciation.

b-YES

c-PGBP

Agreed . 

a-the view that it should be taxed as house property is subject to various contradictory judgements, some high courts is taking it as PGBP(if qualifies for that)....

b-yes

c-PGBP...speculative.

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