Can we claim deduction under 24(b) under 44ad

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Unknown unknown (Querist)

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

Nikhil Kaushik

Nikhil Kaushik (Expert)

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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Unknown unknown

Unknown unknown (Querist)

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

Nikhil Kaushik

Nikhil Kaushik (Expert)

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"

Unknown unknown

Unknown unknown (Querist)

21 March 2018 Thankyou so much for the information.

Nikhil Kaushik

Nikhil Kaushik (Expert)

21 March 2018 you are welcome.....

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