Can we claim deduction under 24(b) under 44ad
This query is : Resolved
21 March 2018
Dear Sir,
I'm an individual into construction business. My turnover is less than 2 crores. If I opt for 44AD, can i claim Housing Loan Interest u/s 24(b) paid towards self occupied house under Chapter IV C. What are eligible deductions under sec 44ad for an individual?
Thanks in advance.
Kalyan
I'm an individual into construction business. My turnover is less than 2 crores. If I opt for 44AD, can i claim Housing Loan Interest u/s 24(b) paid towards self occupied house under Chapter IV C. What are eligible deductions under sec 44ad for an individual?
Thanks in advance.
Kalyan
21 March 2018
there is no relation between business income and income from house property. you can claim both presumptive income under 44AD along with deduction for housing loan interest under income from house property simultaneously
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21 March 2018
Thankyou verymuch for very valuable information.
One more doubt. I also have interest on fixed deposit of Rs.53000/- along with business turnover of 1.17 crore. Can I still go for 44AD.
If possible please give me list of deductions eligible under sec 44AD.
Thankyou
One more doubt. I also have interest on fixed deposit of Rs.53000/- along with business turnover of 1.17 crore. Can I still go for 44AD.
If possible please give me list of deductions eligible under sec 44AD.
Thankyou
21 March 2018
yes you are eligible. Not sure what deductions you are looking for under 44AD. No other expense is allowed under "Business Income"
21 March 2018
Thankyou so much for the information.
21 March 2018
you are welcome.....
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