Disallowance u/s 14a
This query is : Resolved
16 December 2011
Does any expenditure arising from Flat can be disallowed u/s 14A?
16 December 2011
U/s 14A, such expenditure can be disallowed which has been incurred for earning an exempt income.
.
Generally , it is income, which arises to an assessee from a Flat and such income is taxed under the head of IFHP.
.
While computing the income under the head IFHP, there is no provision of allowability of any expenditure except interest exp. which is incurred when the property is purchased from borrowed funds.
.
So it can be said that Section 24 decides whether such expenditure is allowable or not.
.
Generally , it is income, which arises to an assessee from a Flat and such income is taxed under the head of IFHP.
.
While computing the income under the head IFHP, there is no provision of allowability of any expenditure except interest exp. which is incurred when the property is purchased from borrowed funds.
.
So it can be said that Section 24 decides whether such expenditure is allowable or not.
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