Commercial Loan
This query is : Resolved
28 July 2008
Dear friends
I have one doubt abt the treatment of commercial loan. My friend taken a commercial loan for constructing his commercial building. He get an rental income from that building, my doubt is whether that loan can be treated in total income like housing loan....
I tell him that this commercial loan was not deductible but he was not agree with me.
Kindly suggest the answer...? urgent........
I have one doubt abt the treatment of commercial loan. My friend taken a commercial loan for constructing his commercial building. He get an rental income from that building, my doubt is whether that loan can be treated in total income like housing loan....
I tell him that this commercial loan was not deductible but he was not agree with me.
Kindly suggest the answer...? urgent........
28 July 2008
Income is from property and sectios relating to Property Income under the IT Act would apply.
28 July 2008
Sir,
relating to property income under the it Act, what it says, and what was the treatment.
relating to property income under the it Act, what it says, and what was the treatment.
28 July 2008
An exemption on account of interest paid on money borrowed for constructing or acquiring the house property is available u/s 24 of IT Act. However, the exemption will not be available if the loan is taken for a purpose other than to acquire the property.
Also, to claim a deduction u/s 80C the repayment should be towards housing loan and that too for a residential house. Repayment of a loan taken foe a coomercial property is not covered u/s 80C.
Also, to claim a deduction u/s 80C the repayment should be towards housing loan and that too for a residential house. Repayment of a loan taken foe a coomercial property is not covered u/s 80C.
28 July 2008
Mr. Ramesh Ahuja is 100 % correct .
31 July 2008
Sir i have further more doubt about the loan regarding commercial. ie not relating house property he is constructing the building and given for rental (commercial purpose). In this case we can claim interest and principal ? What was the treatment of Commercial loan for a propreitory business. Pls suggest?
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- ITDS U/S.194T of Firm
- Unregistered suppliers utility
- Difference between Date of Payment and Date of Deduction?
- Filling ITR - U
- Journal entry of busniess expenses
- Same demand raised for original as well as rectification request return
- Sale of property held jointly with a non resident Indian
- Non-Compliance documents have not been submitted by the contractors debited
- EXPORT COMMERCIAL INVOICE HSN CODE
- Cash balance limit and property purchases limit
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
