80 IB deduction
This query is : Resolved
CA V S K Rao
(Querist)
25 June 2011
sir,
if a company purchased built in godowns from an existing company and let out to wearhousing corporation for storage of paddy etc wheter they can claim 80 IB (11A) deduction. we do not know whether the previous company claimed this deduction or not.
if a company purchased built in godowns from an existing company and let out to wearhousing corporation for storage of paddy etc wheter they can claim 80 IB (11A) deduction. we do not know whether the previous company claimed this deduction or not.
CA PARAS BAFNA
(Expert)
26 June 2011
Under which sub-section would you like to claim the deduction ? As I know, 80IB deduction is not available on Income from letting out of warehouses or godowns.
CA V S K Rao
(Querist)
27 June 2011
sir, whether the company can claim deduction u/s 80IB(11A)
27 June 2011
80IB deduction is not available on Income from letting out of warehouses or godown.
CA PARAS BAFNA
(Expert)
27 June 2011
Thanks for providing the Sub-Section No.
In this section only letting out of godown will not make the company eligible.
The nature of business should be of integrated means, if the company handles the goods, transport it to & fro, and store it. As your company is involved only in the single activity of Storage, in my view deduction can not be claimed.
In this section only letting out of godown will not make the company eligible.
The nature of business should be of integrated means, if the company handles the goods, transport it to & fro, and store it. As your company is involved only in the single activity of Storage, in my view deduction can not be claimed.
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