House property
D Daga
(Querist) 26 November 2014
This query is : Resolved
Dear Experts,
Under the Head Income from House Property, Interest on borrowed capital is allowable as deduction on accrual basis (even if account books are kept on cash basis) if capital is borrowed for the purpose of purchase, construction, repair, renewal or reconstruction of the house property.
Now my Query is what kind of Expenses would constitute as Repairs to House Property. Since one of my client have taken a Loan for the purpose of House Property Repairs and Interest on such Loan is being paid but I am unable to find any Definition of Repairs, so please guide me with definition/example of Repairs
Guest
(Expert) 26 November 2014
All works connected to Existing Buildings including Renovation and Reconstructions Except Additional Construction would Fall Under Repairs and Mainteinance.
