Income from House Property

U cant claim 30% deduction for Tower rent - income from other sources. But u can claim any incidental expense u have incurred for earning this tower and hoarding rent - Such as interest on borrowed funds, repairs and maintenance of the building to use the tower, cutting some trees etc. It might be more advantageous to you actually.

yes.. u can claim standard deduction @ 30% on tower rent income also..

pls tell me, how we can claim 30% deduction against income from other sources. Tower rent and hoarding rent are not "annual value of property consisting of any buildings or land appurtenant thereto" which is the definition as per section 22 of income from house property. So i am still holding onto my stance that section 24 deductions cannot be claimed against tower rent and hoarding rent... Please engage in debate someone.... its a topic worth pondering over...

 well u both are right but not concretely putting your point.let me clarify.

first refer to a case law: [2000] 244 ITR 1 (CAL.) HIGH COURT OF CALCUTTA Mukherjee Estate (P.) Ltd. vs.Commissioner of Income-tax Y.R. MEENA AND R.K. MAZUMDAR, JJ. IT REFERENCE NO. 220 OF 1993 MARCH 7, 2000

it states that if assessee has an agreement to rent his terrace to the party then it would be income from house property but if he has an agreement to rent haording or build tower then it will be income from other sources.

in the referred case assesse has no agreement and therefore even after his claim of 30% SD is allowed by the Commissioner (appeals), ITAT reversed the same and CIT u/s 256 confirms it.and the assessee refused to claim 30%.

so Mr.prasad if u have an agreement to rent roof then only u claim 30% SD. otherwise not.

hope u all found me crisp and clear.

thanks

 MR. Gopalkrishnan & Ms. Megha,

i hope u both r also satisfied.if not,plz do let me know.

and i agree it was a good topic to be debated.

 i agree with Mr. Kothari

 I agree with ritesh sir 

Thank u Ritesh ji....for ur clear clarifiacation and also thank full to all participants...