Income from house property

This query is : Resolved

PRIYA (Querist)
Follow

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

A.Sekar

A.Sekar (Expert)
Follow

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

CA. PRASAD (Expert)
Follow

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.