Hello,
I want to know about the given probelem. We have one client which has a building which is let out to one trust for schooling purpose and charging a rent of Rs. 50,00,000/- P.A.
So my question is whether it is income from HP or Business income?
And he is also paying interest on loan so it can be setoff against such rent income.
Pleaseeeeeeeeeeee
Thanxs in advance
Income from House Property.
HI HARDIK,
IT WILL BE TAXABLE UNDER THE HEAD INCOME FROM HOUSE PROPERTY...
100% SURE.
REGARDS,
MANOJ
and sir Interest can be set off against rent income?
Please
Thanxs.
YES
U CAN CLAIM THE DEDUCTIONS OF
1 ANY MUNICIPAL TAXES PAID
2 30% STANDARD DEDUCTION
3 ANY INTEREST PAID ON LOAN TAKEN ON THAT PROPERTY
But Dheeraj it is not taken for that property.
Its a general loan so its interest can be set off against rent income or not?
CAclubindia
