sunil aravind (accountant) (96 Points)
04 October 2014When a residential flat Let out for business activities will the rental income received from this flat come under the Income from commerical properties?
If this income is treated from commerical properties can i deduct the interest paid(maximum limit of Rs.1,50,000) and the repayment of principal amount U/S 80C?
Kindly please reply
Thank you.
NAVEESH DHAR
(ADVOCATE- TAXATION ADVISOR)
(427 Points)
Replied 04 October 2014
Mihir
(Wealth Manager)
(5293 Points)
Replied 04 October 2014
You can treat the rental income as income from house property. Interest portion can be claimed as deduction u/s 24 and principal portion u/s 80C.
Santhosh Poojary
(SIEMPRE AHÍ PARA TI)
(15607 Points)
Replied 04 October 2014
No limits for rented/let out property for claming deduction u/s 24
Income from letting out of property whether for commercial or residential purpose will come under "INCOME FROM HOUSE PROPERTY"
Can claim repayment of principal amount u/s 80C, subject to maximum limit.
"Live Course on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"
CAclubindia
