Pvt co incorporated in aug 2011. pvt co has commercial land on which it is developing a commercial complex. Co do not undertake construction for others. After completion of commercial complex it will let it out to other and earn rental income. suppose projects will be completed in 2014-15. suppose in 2011-12,12-13 and 13-14 there is revenue expenses(audit fees,consultancy fees, bank charges, printing and stationery, conveyance etc) of 50,000 , 1,20,000, and 1,75,000 respectively.
Whether revenue expenses of 2011-12,12-13,13-14 can be claimed in IT return.
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