House property
This query is : Resolved
Anand Modi
(Querist)
24 January 2014
Mr. X Purchased a house in 2011 for 1 Cr.
and takes loan of 50 Lakh.
In 2014 he changes the bank and takes the loan of 1 Cr. at 10% (and if mortgage loan is taken it is at 13%) and repay the loan of old bank. and with balance amount he purchases the commercial property to be given on rent.
New bank is giving certificate of home loan for full 1 Cr.
whether interest attributable to comm. property can be taken as deductible as interest on loan of property given on rent.
and takes loan of 50 Lakh.
In 2014 he changes the bank and takes the loan of 1 Cr. at 10% (and if mortgage loan is taken it is at 13%) and repay the loan of old bank. and with balance amount he purchases the commercial property to be given on rent.
New bank is giving certificate of home loan for full 1 Cr.
whether interest attributable to comm. property can be taken as deductible as interest on loan of property given on rent.
CA. Brijesh Baranwal
(Expert)
25 January 2014
Yes, benefit of interest can be taken.
25 January 2014
there is no restriction in this case and dedeuction is allowed.
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