Interest on loan (house property)
This query is : Resolved
31 May 2013
XYZ Pvt. Ltd. company has pledged FDR with bank for Overdraft limit and such overdraft has been utilized for construction of commercial property.
Therefore the company can be able to claim interest on such overdraft u/s 24 of income tax? pls. explain with proper section, circular, notification, case law etc.
Thanks in advance
Therefore the company can be able to claim interest on such overdraft u/s 24 of income tax? pls. explain with proper section, circular, notification, case law etc.
Thanks in advance
16 June 2013
No. interest u/s.24b only allowed the loan purpose clearly mentioned or loan is housing loan, OD taken on pledging FDR cannot be claimed as construction loan.
And also Commercial property construction not covered under House property income, it is Business Income
And also Commercial property construction not covered under House property income, it is Business Income
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
