Is there any IT tax rebate for loan taken for a commercial property (SHowroom)?
This query is : Resolved
Jesudas Fernandes
(Querist)
20 April 2021
Is there any provision for tax rebate on the principal amount or the interest paid on a loan taken for commercial property (shop)? I'm a salaried person and want to purchase a shop for my family members and run it.
I want to check whether any rebate or deductions are allowed on loans for commercial property?
thanks and regards,
Jesudas F.
I want to check whether any rebate or deductions are allowed on loans for commercial property?
thanks and regards,
Jesudas F.
CA R SEETHARAMAN
(Expert)
21 April 2021
No deduction for principal amount. Interest can be claimed as business expenses for the commercial property.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GSTR9 Annual Return
- Clarification on GST, TDS, and Accounting Provisions for Import/Export Commission Agents,profes. ser
- Ito add credit side of bank
- Employee secondment
- Import of Capital Machine
- LLP audit and disclosure
- Clarification on GST, TDS, and Accounting Provisions for Import/Export
- Capital gain on commercial property and investment in residential property
- Gift to nri relatives resides in usa
- Positive Balance in RCM Liability/ITC Statement – Commercial Rent RCM – Guidance Required
- Closer of business and itc of capital goods
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- Need Professional Opinion - AY 2012-13 Old Demand & AY 2026-27 Refund Adjustment
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
