Commercial Property Let Out 1) ITC can be claimed on Expenses of building?? 2) Will under Income tax Standard Deduction 30% also allowed??
no itc in not allowed on expense of building
sudha reddy Moderator
GST ITC on repair and maintenance of Building can be claimed only if it amounts to routine repairs not the construction of the immovable property. Standard deduction u/s 24(b) is only applicable to house property (other than used for business / profession)
Ok, if routine repairs ITC can be claimed & rental of income of that property standard deduction also 30% can be availed right