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???
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.
CAclubindia
