House prop

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ABDUL VAJEED

ABDUL VAJEED (Querist)
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08 August 2011 Hi

Can i claim interest paid on loan of mortgaged prop agaist prop income ?

ABDUL

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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08 August 2011 Loan is allowed as deduction against property income if it has specifically been taken for the purpose acquiring or repairing, renovation etc of the property.

Mortgage loan interest as such can be claimed against property income.

However, if you are carrying on any business and fund has been utilised for the business purpose, to the extent, it can be claimed as deduction in P&L A/c of the business.

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