24 November 2021
Assessee has multiple house properties. One property is being used by him in his business. Interest is paid on housing loan on this property. Can this be claimed in the profit and loss account of the business?
If assessee had rented a premises, rental expenses is claimable. On the same lines, can he claim the interest on housing loan?
24 November 2021
Here he has option to declare two house properties as self occupied and claim the interest part under IFHP. But as from PGBP income the interest will not be deductible.
25 November 2021
A residential property is used for commercial purposes. This qualifies as a business asset and depreciation has to be claimed. Loan taken for such business asset is a business liability. Interest paid on such loan is definitely a claimable expense.
Showing the property as self occupied would restrict you to claim only 2lakh interest p.a. Under PGBP, there won't be any restriction.
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