Commercial Property Rental

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253 Points Posted on 25 November 2021
Commercial Property Let Out

1) ITC on building expenses like Repairs & Maintenance, etc...

2) Section 24: Standard Deduction 30% allowed on commercial rental income

Query:
Assessee can claim ITC on building expenses & standard deduction also allowed right

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On 25 November 2021 at 22:56 Report
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Quick Summary
This discussion clarifies tax benefits for commercial property rentals. It confirms that Input Tax Credit (ITC) can be claimed on building expenses such as repairs and maintenance. Additionally, the 30% standard deduction under Section 24 for commercial rental income is applicable, with no cap on interest deductions for loans taken for the property.

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Chartered Accountant
24588 Points Posted on 26 November 2021
ITC can be taken on repairs
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On 26 November 2021 at 05:50
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Team Lead
7558 Points Posted on 26 November 2021
Yes std ded allowed and no cap on interest if taken on loan
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On 26 November 2021 at 12:44

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