Income under the head house property

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 February 2013 Interest paid on commercial property purchased from Registering authority (State Office) where the payments are to be made on annual basis is allowed under Section 24(b). If not whether the same is allowed under Sec36(1)(iii) of the Income Tax Act,1961?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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26 February 2013 It seems that the property has been used by the assessee for his own business. In such a case Section 24(b) will not apply.
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Claim the Interest U/s 36(1) (iii) if its being used for own business purpose.
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