An assesee being a company has two incomes mainly rent from house property and from business income. Now it has paid service tax in respect of rent income of previous years ( i.e P.Y 2007-08) in P.Y2008-09.It has paid service tax along with interest. Whether such interest shall be allowed to be deducted from the rent income from house property of P.Y 2008-09?
No deduction of expenses are allowed from income from house property except for the deduction of 30% of net rent. The said interest will be difficult to claim from business income also as it is not an expenditure for business purpose.
Agree
Shyam Joshi & Associates
Pune
B.Com
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Karia Overseas
Ahmedabad
CA
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Aggarwal Sarawagi and Co
New Delhi
CA
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CAclubindia
