u r right, it is income from house property only. If u have taken a loan that exemption can be also availed
I own five shops in two commercial malls in addition of two houses which are occupied by my family and me. I have rented out all five shop on a total yearly rent of Rs.40 lac, and am regularly depositing service tax on the rent income under the renting of immovable property service.
As advised by my CA, in the ITR i am showing the above income in the head “income from house property" and availing abatement @ 30% under the income tax act. Please let me confirm, whether i am right or wrong? Citation of IT case law in favour of me or against me in the matter may also be provided.
Is there any tax implication on abetment?
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