Interest on housing loan (loan used for business purpose)
This query is : Resolved
18 November 2010
Dear friends..
is it possible to claim deduction of interest on housing loan but used for business purpose?
If yes, pls give me case law, if any..
Thanks in advance..
Dear friends..
is it possible to claim deduction of interest on housing loan but used for business purpose?
If yes, pls give me case law, if any..
Thanks in advance..
19 November 2010
Yes, u can claim but you have to prove that the house was used for the purposes of Business
19 November 2010
No sir, in fact th loan amt is used in business itself.. Thr s no construction of building..
19 November 2010
Please give detail of the transaction
19 November 2010
Sir, a housing loan s taken and used the amount to pay salary, to make payments to creditors and all.. tht means loan s used fro business purpose eventhough it was a housing loan.. U/s 37 any expenditure incurred 4 th purpos f buzz s allowabl as deduction..
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