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INTERESTON BORROWED CAPITAL ON HOUSE PROPERTY

This query is : Resolved 
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(Querist)
03 December 2010 CAN WE CLAIM INTERESTON BOROWED CAPITAL ON HOUSE PROPERTY U/S 24 WHICH IS USED FOR BUSINESS PURPOSE
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CA Dhiraj Ramchandani

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CA Dhiraj Ramchandani (Expert)
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
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
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.
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