When a residential flat Let out for business activities will the rental income received from this flat come under the Income from commerical properties?
If this income is treated from commerical properties can i deduct the interest paid(maximum limit of Rs.1,50,000) and the repayment of principal amount U/S 80C?
Kindly please reply
Thank you.
You can treat the rental income as income from house property. Interest portion can be claimed as deduction u/s 24 and principal portion u/s 80C.
No limits for rented/let out property for claming deduction u/s 24
Income from letting out of property whether for commercial or residential purpose will come under "INCOME FROM HOUSE PROPERTY"
Can claim repayment of principal amount u/s 80C, subject to maximum limit.
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