Pre Construction Interest Deduction

This query is : Resolved

Raj Chitroda (Querist)
Follow

14 December 2020 Dear Experts,

Mr. A Constructed & completed Commercial complex in three year by taken Term Loan from bank against the Property and Loan EMI started from the beginning of construction.

Now my question is that Mr A has paid Interest up to completion of construction of Commercial property is eligible deduction u/s 24B in five equal installments after the completion of Complex or pre construction deduction is only for Residential House Property ?

Does pre Construction Loan Interest eligible deduction against Commercial Property Rent Income ?

Thanks & Regards

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

15 December 2020 Interest up to completion of construction of Commercial property is eligible deduction u/s 24B in five equal installments after the completion of Complex if rental income is shown as income from house property.

Raj Chitroda

Raj Chitroda (Querist)
Follow

15 December 2020 Thanks for your valuable reply but sir my point is,
Deduction allowable only to Residential Property or Commercial Complex Property or both ? my consultant advise me that Pre Interest not eligible for Commercial Property it is true ?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

16 December 2020 Yes, it's true if you show comercial complex income under business.

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

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

madhu sudan

Jaya Ladhwani

Rampal Saini

Vidit Ratanghayra

K.S. ANANTHARAJAN

Subscribe Now

Pre Construction Interest Deduction

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA