Interest paid on loan sop/profession
This query is : Resolved
06 June 2012
If a person purchases a property with the bank loan. the property is self occupied and also he uses it for profession. if the proportion is say for residence 60% and for profession 40% and the interest paid on borrowed loan is 5000000 . what is treatment of such interest under IT Act ?. can he claim loss under SOP to the extent of 150000 and can he claim 350000 as expenditure in the name profession ?
Can anybody please explain about the provision .
Thanks in advance
Can anybody please explain about the provision .
Thanks in advance
06 June 2012
Yes you can claim it as expenditure as it was used for profession
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