House property

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

29 September 2012 I am planning to take loan against property on my self occupied residential flat which is in joint name with my wife. I will use this loan to buy a commercial property - shop. Will I get any tax rebate on the interest or principle? Any other deductions that I can claim on shop or residential property?

Will there be any difference due to end use of shop - rent it out or use it for own business?

Amol S Joglekar

Amol S Joglekar (Expert)
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29 September 2012 You need to satisfy the conditions of housing loan to claim the interest on housing loan. But if you rent out this commercial premises or use it for your business/profession purpose, you can claim the interest on loan against property.

Querist : Anonymous

Querist : Anonymous (Querist)

01 October 2012 LAP is not housing loan. But section 24b says that deduction can be claimed if loan is taken to acquire the house property. In this case I dont have any document saying that LAP will be used to buy commercial property. That is my question.

Amol S Joglekar

Amol S Joglekar (Expert)
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01 October 2012 24b you can very well claim the interest on this LAP. Not an issue.

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