Tax planning
This query is : Resolved
CA Shyam Agarwal
(Querist)
26 November 2014
Hello Friends Plz tell me
My client is earning Plot Rent 670000/- plus approx 200000/- interest income from other sources. Now he wants to claim expenditure from this income.
So plz tell me head of the expenses in which he can claim expenses..
can treat this income as income from Business.
My client is earning Plot Rent 670000/- plus approx 200000/- interest income from other sources. Now he wants to claim expenditure from this income.
So plz tell me head of the expenses in which he can claim expenses..
can treat this income as income from Business.
26 November 2014
for rent income only 30% is allowed and if any loan is taken on such plot then int actually paid is allowed.
for int income any exp incurred for earning only can be claimed in this case.
for int income any exp incurred for earning only can be claimed in this case.
CA Shyam Agarwal
(Querist)
26 November 2014
30% stand. deduction can be claim under house property bcz its not constructed its is income from other sources can we treat it income from business. there is any case law. in which interest, or rent received is treated as income from business
26 November 2014
means u are saying rent income is income from business?
thats not possible as its income frm house property only and there is no case law to prove that its income frm business because there is specific head already existing.
thats not possible as its income frm house property only and there is no case law to prove that its income frm business because there is specific head already existing.
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