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What taxes are applicable on a commercial property

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What taxes are applicable on a commercial property

Last updated: February 21 2019
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  • What taxes are applicable on a commercial property

    What kind of taxes are applicable on commercial properties used for business, or when given on rent or sold?
  • #2

    #2

    Re : What taxes are applicable on a commercial property

    If the property commercial property is used by the owner fur running any business or professional service, then the corresponding share of such property is not taxable in his hand. The owner cannot claim any notional rent with respect to such commercial property against the business income. However the owner can claim certain expenses incurred on the business.
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    • #3

      #3

      Re : What taxes are applicable on a commercial property

      https://economictimes.indiatimes.com...w/59539708.cms
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      • #4

        #4

        Re : What taxes are applicable on a commercial property

        Malvish Thanks again! What expenses can the owner claim on a business being run by him on his commercial property?
        Last edited February 20 2019, 11:04 AM.

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        • #5

          #5

          Re : What taxes are applicable on a commercial property

          An owner running a business can claim the expenses incurred for repair and maintenance of the commercial property, against his or her business income. The owner can also claim the full interest as business expenditure, without any set limit.
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          • #6

            #6

            Re : What taxes are applicable on a commercial property

            Okay so expenditures on repairs can be claimed. Thanks. What about tax deductions? Can an owner avail tax deductions if the property is taken on a home loan?

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            • #7

              #7

              Re : What taxes are applicable on a commercial property

              No, there is no deduction available under Section 80C for home loan taken for such commercial property, for repayment of the principal amount.
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              • #8

                #8

                Re : What taxes are applicable on a commercial property

                Okay. What about taxes on rental income? What deductions are allowed as per income tax laws on rentals received on commericial property?

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