Purchase of commercial property on loan
This query is : Resolved
01 November 2014
My query is if a proprietor purchases a commercial property by availing a loan what is would be tax benefits for the same.
How would he account the interest on loan if he uses the property for business purposes.
Can he claim such interest as expenses ?
Would depreciation be allowed on such commercial property.
How would he account the interest on loan if he uses the property for business purposes.
Can he claim such interest as expenses ?
Would depreciation be allowed on such commercial property.
02 November 2014
If the property is used for own business then entire amount of interest paid on loan can be claimed as expense. Dep is available.
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