Loan against the property
This query is : Resolved
Sanjay Kumar
(Querist)
17 June 2009
Plz let me if i borrowed the loan for commercial property. whether i can avail debuction under sec -24 for interest on loan and under 80c for installment.
CA.SHAHZAD SAYYED
(Expert)
17 June 2009
Dear Sanjay
if Commercial Property is Stock in Trade then u will get Deduction u/s 36(1)(iii) for Ineterest portion only, but if ur property is let out then you will get deduction of interest u/s 24(b)
However the repayment of principal portion is not available in either case because as per Sec. 80C it is available for Residential House only.
if Commercial Property is Stock in Trade then u will get Deduction u/s 36(1)(iii) for Ineterest portion only, but if ur property is let out then you will get deduction of interest u/s 24(b)
However the repayment of principal portion is not available in either case because as per Sec. 80C it is available for Residential House only.
17 June 2009
agree
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