Deduction availability u/s 24 ag. loan taken for shop/commercial loan
This query is : Resolved
22 February 2022
Sir/Madam
I want to know about deduction availability u/s 24 for loan taken for shop/commercial purpose.
Shop is under construction and yet not received possession.
Can we claim duction u/s 24 of interest paid on it??
I want to know about deduction availability u/s 24 for loan taken for shop/commercial purpose.
Shop is under construction and yet not received possession.
Can we claim duction u/s 24 of interest paid on it??
22 February 2022
Accumulate and claim it over the period of 5 years after possession.
26 February 2022
Sir,
Deduction u/s 24 is available for loan taken from house only and not for any shop or commercial property.. this is correct or not??
Only residential house property loan interest eligible deduction u/s 24
Deduction u/s 24 is available for loan taken from house only and not for any shop or commercial property.. this is correct or not??
Only residential house property loan interest eligible deduction u/s 24
26 February 2022
Correct, You cannot take interest deduction for any commercial property u/s. 24 of IT act...
26 February 2022
Commercial property rentals considered as house property income. In such a case claim deduction under section 24.
Claim it as business expenses if rental income is considered as business income.
Claim it as business expenses if rental income is considered as business income.
26 February 2022
Yes, agreed, provided the loan sanctioned is not of business catagory ...
03 March 2022
mean commercial property like shop buy and given on monthly rental of Rs.50000/- and loan is house property category and not business loan than assessee can claim u/s 24 and rent income is taxable u/h house property??
04 March 2022
Yes, rent from shop in that case is accessible u/s. 24 of IT act...
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