Rent from commercial property
This query is : Resolved
09 June 2011
can interest paid towards purchase of vacant land claimed as expense against rental income (letting to Car parking etc)
from the land?
if no income from the land (letting to Car parking etc)also can interest be cliamed?
from the land?
if no income from the land (letting to Car parking etc)also can interest be cliamed?
10 June 2011
If land is used for business purpose than interest should be claimed as expense in P& L A/c.
If the land is not used for business purpose than it should be claimed as expense against the income which is generated from such land under the head "Income From Other Source". In case of no income expense from such land can not be claimed.
If the land is not used for business purpose than it should be claimed as expense against the income which is generated from such land under the head "Income From Other Source". In case of no income expense from such land can not be claimed.
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