Deduction of Interest in case of Vacant House Property

This query is : Resolved

CA Sanjay Baheti (Querist)
Follow

07 August 2010 One of My client is engaged in the business of constructing and letting out business parks and complexes.During the FY 09-10,it obtained Building Completion Certificate for one of its Business Park in May but the same remain vacant till the end of the year and no rent income is earned.Whether loss from house property can be booked to the extent of interest paid on the loan since there is no income.

Aditya Maheshwari

Aditya Maheshwari (Expert)
Follow

07 August 2010 Since your main business in construction then the house will be held as stock in trade and hence the same could be taken as business loss but not loss from house property.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
Follow

07 August 2010 Citation to the above view is
CIT Vs. Neha Builders P Ltd 296 ITR 661(Guj).

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Rakesh Maner

Credible HRM

Jai Solanki

Ashif Cheenikkal

sandhya.v

Subscribe Now

Deduction of Interest in case of Vacant House Property

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA