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House Property Income

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(Querist)
28 December 2019 My client is holder of many properties. He rented these properties.
His Another project has started for building a theater. So My query is expenditure towards constructing the theater can it be claimed against rental income. Since his future goal is also to let out this property for 15 years after that property will be of tenant. Can house property income be treated as business income, because he does only that kind of activities. or Theater expenses can be claimed as business loss against house property income??

Please help me.
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KAVIRAJA ADDANGADI

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KAVIRAJA ADDANGADI (Expert)
29 December 2019 No you cannot claim expenses
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priya

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priya (Querist)
29 December 2019 Can i considered this theater expenses as my business loss then i can claim this business loss against house property income for the same year
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
29 December 2019 Capitalise theatre expenses and claim depreciation over 15 years.
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priya

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priya (Querist)
29 December 2019 But there is no business income... then depreciation against which income??
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
29 December 2019 What income you receive from theatre.
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priya

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priya (Querist)
29 December 2019 Right now theatre construction is going on... after completion 15 year rent will come
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
29 December 2019 The rent from theatre is business income charge depreciation against the income.. charge 6.67% depreciation.
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