House property income querry

275 views
User Avatar

63 Points Posted on 23 December 2021
sir,
i have one resident property and one shop (vacant)

should i consider both property as a nil under house property income or mandatory to show one property under deemed income.
0 Reply Share Follow
On 23 December 2021 at 20:12 Report
Replies (4)
Quick Summary
This discussion clarifies how to treat rental income for properties. If you have one residential property and a vacant shop, you can often declare both as self-occupied, thereby avoiding the need to show any 'deemed income'. However, interest on a loan taken for a shop is typically treated as a business expense and cannot be claimed under Section 24 for house property deductions.

User Avatar

CA
10436 Points Posted on 23 December 2021
We can show two properties as self occupied, so you don't need to show deemed income
6 Reply
On 23 December 2021 at 20:49
User Avatar

63 Points Posted on 23 December 2021
Thank you sir, can i claim deduction on shop loan interest u/s 24
Reply
On 23 December 2021 at 20:53
User Avatar

CA
10436 Points Posted on 23 December 2021
If the loan is for shop then its interest is debited in your profit and loss account and it is not claimed u/s 24
2 Reply
On 23 December 2021 at 23:55
User Avatar

63 Points Posted on 24 December 2021
Thanks sir
Reply
On 24 December 2021 at 00:21

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. Compliance under Society Act 1860
  2. Hi experts need help
  3. How to object stamp duty value if property is sold
  4. Residential House property and it's loan can shown
  5. Income Tax Department Website Error While Importin
  6. Loan & Joining bonus to new employees Chief Ma
  7. Income Tax NUDGE Notice – Gift of Shares fro
  8. Is DIR-3KYC Needed
  9. Looking for a study buddy intermediately Jan 2027
  10. How to correct a NIL GST return filed by mistake w

More recent discussions | Post

Related Topics :

Loading