My client is a doctor. He owns two house properties. One is self occupied and the other is used as commercial property in connection with his profession. He wants to claim benefit of interest paid on home loan of the second property. Can he do so without the necessity to claim depreciation on the property as a business property?
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Benefit of interest on home loan (commercially used)
Replies (2)
No, he cannor claim so. First he has to show the house property as an asset used in his profession and then only he can claim interest.
He can claim both interest & depreciation on the property used for the purpose of his profession. the interest paid would be treatd as an business expense & it can be claimed on actual basis, unlike that in case of self-occupied property where you can claim only upto 1.50lacs.
Why does he not want to claim depreciation on the property. As pointed out by Ms.Sonam the property will be required to be shown as an Fixed Asset in the B/S of teh profession to claim depreciation.
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