Interest Paid on Shop Loan Rs 115000/- and Interest Paid on Home Loan is 25000/-, So my query is whether both of these will be eligible as deduction under sec 24 (b)?
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If the shop is being used for the purpose of carrying on business & profession then interest would be deductible u/s 36(iii)(i), else if it is being rented out the same would be deductible u/s 24. Interst on home loan would be eligible u/s 24(b)
Interest paid for shop loan shall be deductible in business income.
As for the home loan, only that shall be deducted in House Property Income.
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