Interest on homeloan

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Praveenveldhi (Querist)
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28 May 2013 Dear Expert
My Relative bought a flat for residential and office purposes on loan. his office occupies nearly 30% of the flat....
whether he claim the interest on loan as expense for the office to the extent of which occupied the space in flat and electricity bill and maintenance charges.
He is a practicing advocate......
Thanks & Regards
Praveenkumar

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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28 May 2013 Interest on housing loan for the house used for business can be claimed under business,provided lender need to give the separate certificate for that portion. electricity & maintenance charges to the extent of business place also can be claimed.

But i presumes you are asking for proprietorship business, then you can claim interest as self occupied interest for the space you are occupying for residential under house property loss and can be set off with business income for the particular individual

Praveenveldhi

Praveenveldhi (Querist)
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29 May 2013 Thank you sir

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