Relating to HP income
This query is : Resolved
08 July 2011
Dear sir,
Actually i am doing real estate business but i have rental income in this year. Can i Show my rental income as business income. If so, can i claim depreciation for the house as per IT Act.
Otherwise at what situation i can claim my rental income as business income???
Please give me a clear view.
Advance Thanks.
Regards,
Dhanapal.
Actually i am doing real estate business but i have rental income in this year. Can i Show my rental income as business income. If so, can i claim depreciation for the house as per IT Act.
Otherwise at what situation i can claim my rental income as business income???
Please give me a clear view.
Advance Thanks.
Regards,
Dhanapal.
08 July 2011
yes. you can treat the rental income as business income and claim the all exp rental income to rental income.
08 July 2011
Sir, Can you send any notifications or evidence regarding it?
09 July 2011
Since the real estate is a business & rent is related to the business, he can show it as business income & claim all the expense related to it.
You can also refer to some of the decided case laws on the same.
You can also refer to some of the decided case laws on the same.
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