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TMI Blogbusiness loss/income from house propertyX X X X Extracts X X X X X X X X Extracts X X X X ..... business loss/income from house property X X X X Extracts X X X X X X X X Extracts X X X X ..... ofit purchased property in the year 2000 which was given on rent in the year 2004 .In the year 2004 company started consultany business and stopped business in shares.Every year there was rent as well as consuting income .But in the year 2008-2009 company didnot have any consultany income but there was expenditure with respect to the consultancy business. Now the ITO that he will give only 30 % de ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dution with respect to income from house property and no dedution with respect to expenditure incurred in consultancy as there was no business income in it. Is it correct ? If not can some able expert throw some light on it with reference to decided case law . Thanks a lot. Reply By GOPALJI AGRAWAL: The Reply: For claiming the exenses, it is not necessary that there must be some business in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... come. Of course, the expenses must be done wholly and exclusively in respect of the business. It has to be demanstrated by positive evidences that the assessee had done all efforts to earn income and the expenses are genuine and not bogus. Reply By sanjeev bajaj: The Reply: I agree with the point of view that for claiming expenses the business must be in existence although it is not necessary yo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... u receive any income during the year.
Further, rent income in your case is business income as the main object of the company includes renting of property.
sanjeev bajaj X X X X Extracts X X X X X X X X Extracts X X X X
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