Income from house property
This query is : Resolved
05 November 2008
I have purchased a residential building in 2004. I have a housing loan on the same. i am running a lodging business in the building. Can i claim interest on housing loan and instalment u/s 80C
Regards,
Priya
Regards,
Priya
05 November 2008
You cannot claim instalments under 80C, but interest of any amount, due on such loan can be claimed under the head House Property
CA. PRASAD
(Expert)
06 November 2008
Since you are carrying the lodging business in the building, the income shall not be chargeable under the head House Property but under Business or Profession and you can claim whole of the interest as business deduction u/s. 36 (1) ( iii ). You can not claim the deduction u/s. 80 C for instalment.
CA Bosu babu
(Expert)
06 November 2008
yes you can claim @ 150000. (if you take after 01.04.2004)
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