Interest paid for a commercial loan
This query is : Resolved
Nikhil Jain
(Querist)
04 December 2012
Hi Experts,
I have some query regarding interest paid on Commercial loan for purchasing a commercial property:
1.) Whether tax rebate is applicable on this interest paid to bank and if yes is there any particular section under which the interest certificate should be if not in 24b.
I have some query regarding interest paid on Commercial loan for purchasing a commercial property:
1.) Whether tax rebate is applicable on this interest paid to bank and if yes is there any particular section under which the interest certificate should be if not in 24b.
Soumitra Basu
(Expert)
08 December 2012
IF THE INCOME CAN BE ASSESSED UNDER HOUSE PROPERTY THEN INTEREST IS DEDUCTIBLE U/S. 24B, OTHERWISE IT MAT DEDUCTIBLE UNDER INCOME FROM BUSINESS.
Nikhil Jain
(Querist)
09 December 2012
Thanks for replying sir.
Also, tell me for this 'deduction from income' is the bank needed to give some certificate or just a repayment schedule is enough.
And, if this deduction from income comes negative(like income is 10 Rs. and Interset is 15 Rs. i.e paying 5 more then income for interest), can we show it as a loss for taking tax relief.
Regards,
Nikhil
Also, tell me for this 'deduction from income' is the bank needed to give some certificate or just a repayment schedule is enough.
And, if this deduction from income comes negative(like income is 10 Rs. and Interset is 15 Rs. i.e paying 5 more then income for interest), can we show it as a loss for taking tax relief.
Regards,
Nikhil
Soumitra Basu
(Expert)
09 December 2012
you need to obtain a certificate from bank or statement of account. yes, you may show loss.
Nikhil Jain
(Querist)
11 December 2012
Thanks Soumitra!
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