hi dears pls clarify the below one,
we have started one partner ship firm business on april 2013. that business property is a rental property and we have paid rent Rs.225000/- from September 2012 on wards. in this case can we file income tax return for the Financial Year 2012-13 and carry forward the rental loss to next year.
Regards,
Karthik.K
If the Partnership is executed in April 2013, then you cannot file the Income tax return for Financial Year 2012-13, even though you have been paying Rent since September 2012.
You will have to file Income Tax return for Financial year 2013-14.
The expenses you incurred as rental expenses can be treated as pre operative expenses and can be claimed after business starts operations.
You can claim these expenses after starting the business.
CAclubindia
