INTERESTON BORROWED CAPITAL ON HOUSE PROPERTY

This query is : Resolved

Share Report Follow Query Ask a Query

MAHENDRA KUMAR POKHARNA

MAHENDRA KUMAR POKHARNA (Querist)
Follow

03 December 2010 CAN WE CLAIM INTERESTON BOROWED CAPITAL ON HOUSE PROPERTY U/S 24 WHICH IS USED FOR BUSINESS PURPOSE

CA Dhiraj Ramchandani

CA Dhiraj Ramchandani (Expert)
Follow

04 December 2010 Nope.. If loan amount is utilised for business..., then such amount can b claimed as business expense and not u/s 24

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
Follow

05 December 2010 If the House Property is used for own business purpose then Interest on Capital borrowed for the purchase of such house property can not be claimed u/s 24 as Income of such property is not taxable under this head.

However if the property is let out to others for business purpose, Interest U/s 24 will be allowable.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok