Interest Paid on Loan borrowed for the purpose of Buy Prop
This query is : Resolved
Pravin Kulkarni
(Querist)
12 September 2008
Property buy and let out on rent for commercial purpose.
Rent Income treated as Income from House Property. Is it correct ?
Total Interest Paid on borrowed capital is allowed from house property income or limit of Rs. 150000
Rent Income treated as Income from House Property. Is it correct ?
Total Interest Paid on borrowed capital is allowed from house property income or limit of Rs. 150000
CA Nitin Wadhwani
(Expert)
12 September 2008
author : Pravin Kulkarni
Posted On : 9/12/2008 7:47:48 PM
Property buy and let out on rent for commercial purpose.
Rent Income treated as Income from House Property. Is it correct ?
Total Interest Paid on borrowed capital is allowed from house property income or limit of Rs. 150000
Expert : Jitender
Posted On : 9/12/2008 10:13:52 PM
limit is 150000 u/s 24.
Answer: If The Property is Let-Out There is No limit For Claiming Deduction of Interest.
Posted On : 9/12/2008 7:47:48 PM
Property buy and let out on rent for commercial purpose.
Rent Income treated as Income from House Property. Is it correct ?
Total Interest Paid on borrowed capital is allowed from house property income or limit of Rs. 150000
Expert : Jitender
Posted On : 9/12/2008 10:13:52 PM
limit is 150000 u/s 24.
Answer: If The Property is Let-Out There is No limit For Claiming Deduction of Interest.
13 September 2008
In case the property is let out then the whole of interest on the loan may be claimed as a deduction.
CA. Harinder Kumar
(Expert)
13 September 2008
I am fully agree with Mr. Ramesh and Nitin
13 September 2008
SORRY TO SAY ,FIRST ANSWER IS WRONG.
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