House property
This query is : Resolved
01 August 2012
If one has purchased industrial plot and constructed a godown on it. Later on rented the same and receiving rent on it. The rent received from such godown shall come u/s 24 (house property) or no? If yes can he avail Standard deduction and interest on loan paid as deductions?
If not u/s 24 then under which section such income will come and what deductions can b claimed?
If not u/s 24 then under which section such income will come and what deductions can b claimed?
01 August 2012
If you read carefully, no where in Section 24, the word "Residential" has been inserted with the word "Property".
.
So, you can claim Standard Deduction as well as Interest.
.
.
So, you can claim Standard Deduction as well as Interest.
.
01 August 2012
ok. thank u sir
02 August 2012
5.2 CONDITIONS FOR CHARGEABILITY
(i) Property should consist of any building or land appurtenant thereto.
(a) Buildings include not only residential buildings, but also factory buildings, offices, shops, godowns and other commercial premises.
(b) Land appurtenant means land connected with the building like garden, garage etc.
(c) Income from letting out of vacant land is, however, taxable under the head “Income
from other sources”.
hence taxable under the head of house property. the assessee can claim standard deduction and deduction for interest on loan.
(i) Property should consist of any building or land appurtenant thereto.
(a) Buildings include not only residential buildings, but also factory buildings, offices, shops, godowns and other commercial premises.
(b) Land appurtenant means land connected with the building like garden, garage etc.
(c) Income from letting out of vacant land is, however, taxable under the head “Income
from other sources”.
hence taxable under the head of house property. the assessee can claim standard deduction and deduction for interest on loan.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Fixe term employment
- Is any professional CA is here please reply
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- Putting a heading on received mail
- Gift Received from nonblood relative
- Reprocessing of rectification order AY 2025-26
- FTS Taxable under 115A
- Foreign lottery ticket bought online from India: legality, tax and consequences
- Experts need help
- Section 50-fixed asset-->building ceases to exist
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
