Tax Treatment

Tax queries 936 views 6 replies

Ankan Mohanty

INTERNAL AUDITOR

97 Points Joined February 2011

I have 3 questions:

a) Can depreciation be claimed on a house property which is let out to an another person?

i. if the rental income is claimed as house property income.

ii. if the rental income is claimed as profit from business/profession

iii. Which one of the above two is advatageous for a company?

b)Can business loss be set off against short term capital gain from unquoted shares?

c) Under what head does Profit from Commodity trading fall?

Please Advise wisely and with proper explanation.

Replies (6)

prateek

ACA

52 Points Joined June 2010

a-rental income from house propety can be claimed only under head income from house propety. thus no quest. of claiming depeciation.

b-YES

c-PGBP

CS,CA F,Numrologi TusharSampat

CS CA F Numerologist Astrologer Graph

85935 Points Joined May 2010

Originally posted by : prateek
	a-rental income from house propety can be claimed only under head income from house propety. thus no quest. of claiming depeciation. b-YES c-PGBP

AGREED.

Mayank

Sr.Accountant

152 Points Joined September 2009

a-rental income from house propety can be claimed only under head income from house propety. thus no quest. of claiming depeciation.

b-YES

c-PGBP

Ankan Mohanty

INTERNAL AUDITOR

97 Points Joined February 2011

Thanks to all d persons who replied.

But the thing is my clients has their "Profit from Commodity Trading" classified under the head:

"Income from Other sources" and they say this is proper.

Paras

Mcom CA Final

122 Points Joined July 2009

Originally posted by : prateek
	a-rental income from house propety can be claimed only under head income from house propety. thus no quest. of claiming depeciation. b-YES c-PGBP

Agreed .

CA,CMA,CS Karan Gogia

Employed

230 Points Joined July 2009

a-the view that it should be taxed as house property is subject to various contradictory judgements, some high courts is taking it as PGBP(if qualifies for that)....

b-yes

c-PGBP...speculative.