28 February 2019
I am in warehousing business and my income is categorised under Income from house property. After taking standard deduction all other expenses are disallowed or are not taken to compute taxable Income. However, routinely I incur expenses for repair and maintenance which includes paint material, small quantity of steel and cement. I want to take input of GST as the expenses are or revenue nature. Can I do so?
Guest
Guest
(Expert)
28 February 2019
Since the amount towards repairs and maintenance are revenue in nature and not capitalized,thus credit will be available.
CAclubindia
