House property
This query is : Open
14 July 2016
Dear experts,
i want to know, i have a commercial property on which i am getting rent, if i am taking a loan by mortgaging my commercial property , then can i claim interest paid on such loan as deduction while computing income from house property.
Thanks in advance
14 July 2016
Yes ,if loan is for repair, renewal or reconstruction of the commercial property.
14 July 2016
You have to fix the purpose for which the loan has been taken. If you have taken business loan against your commercial property then you can claim the interest as expenses against your business income but if you have taken loan for repairs of commercial property as has correctly been said by the expert then you can claim the interest against rental income. If you have taken loan for any other purpose it is to be examined from that angle but as you have not stated for which purpose you have taken the loan it is difficult to give you the correct reply.
14 July 2016
You have to fix the purpose for which the loan has been taken. If you have taken business loan against your commercial property then you can claim the interest as expenses against your business income but if you have taken loan for repairs of commercial property as has correctly been said by the expert then you can claim the interest against rental income. If you have taken loan for any other purpose it is to be examined from that angle but as you have not stated for which purpose you have taken the loan it is difficult to give you the correct reply.
15 July 2016
Thanks sir...i understand
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
- Fixe term employment
- Is any professional CA is here please reply
- Foreign lottery ticket bought online from India: legality, tax and consequences
- Experts need help
- Section 50-fixed asset-->building ceases to exist
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- Putting a heading on received mail
- Gift Received from nonblood relative
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- Reprocessing of rectification order AY 2025-26
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- 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
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
