Hi helpful gurus,
My wife and I are NRI living and working (salaried) in Europe.
We both have recently purchased a 2 year old commercial property as a joint owners and have rented it out.
We have done some repair before renting it out.
Our tenant is deducting 30% TDS+GST and it is reflecting in our 26 A/S form.
What are all the tax deductions that we can benefit from when filing income taxes and requesting for refund? Expenditures are Property Registration Charges was something around 10 Lakhs, Interest on Loans are around 3 Lakhs, Municipal taxes. Can we carry forward the Property Registration Charges as losses to the next years? Or only 1.5 lakhs of registration fees can be claimed as part of 80C?
I think we must file under income from house property and not business income.
Please help me by clarifying. Thank you.