Very complex query on income tax - pls help
Querist : Anonymous
I aquired a commercial property by taking a loan against property (LAP) on my residential house. I want to claim income tax rebate on the principle and interest of this LAP. Is this allowed and if yes then to what extent?
Note: I have rented the commercial property.
So loan taken against the property pledged is not eligible for deduction as housing loan in sec.24b as well as 80C
Querist : Anonymous
No where in sec24, is said that rebate is for housing loan. Rebate is for house property which could be any type of property.
Thus only if it can be proved that house property is acquired using borrowed funds then rebate should be there. Please suggest.
where as sec.22 extract below
The annual value of property consisting of any buildings71 or lands appurtenant71 thereto of which the assessee is the owner71, other than such portions of such property as he may occupy71 for the purposes of any business or profession carried on by him the profits of which are chargeable to income-tax, shall be chargeable to income-tax under the head "Income from house property".
Provided also that no deduction shall be made under the second proviso unless the assessee furnishes a certificate, from the person to whom any interest is payable on the capital borrowed, specifying the amount of interest payable by the assessee for the purpose of such acquisition or construction of the property, or, conversion of the whole or any part of the capital borrowed which remains to be repaid as a new loan.
Click here to login now
Similar Resolved Queries
- TDS 194-T applicability
- GST ITC REVERSE
- Fixe term employment
- Is any professional CA is here please reply
- Consolidated financials
- RCM ISSUE ON RENT AND TRANSPORTATION CHARGES
- Withdrawal in cash from partners capital account by partner
- TDS on Complimentary "Desi Ghee and Gold Coin" Provided to KBC Contestants
- Putting a heading on received mail
- TDS on TRUST
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- 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?
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- 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
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
