Deduction from income property in company

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VIMAL SUROLIYA (Querist)
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20 March 2014 Please adise about rent paid of our lease property can be deducted fron rental income of same lease premises in Company and what other deduction can be made e.g. repair & renovation, General Maintenance etc.

What is position of Cenvat Credit can be claim from Service tax collected from Rental income of leased Property in Company

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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21 March 2014 Income from sub-letting of property will be taxable under the head Income from Other Sources.

The lease rent paid will be allowed as deduction from the rental income.

All other expenses incurred in connection with the sub-leasing are allowed as deduction.

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