Relating to HP income

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This query is : Resolved

Dhanapal (Querist)

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.

CA Navin Jain

CA Navin Jain (Expert)

08 July 2011 yes. you can treat the rental income as business income and claim the all exp rental income to rental income.

Dhanapal

Dhanapal (Querist)

08 July 2011 Thanks a lot sir.

Dhanapal

Dhanapal (Querist)

08 July 2011 Sir, Can you send any notifications or evidence regarding it?

CA Mukesh Jain S

CA Mukesh Jain S (Expert)

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.

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