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Cimmerial property loan
purchase commercial shop property joint wife and husband thourgh loan can we tak deduction????
Replies (4)
There is no tax benefit for the purchase of commercial property u/s 80C of the principal amount.
Only the interest component paid for the loan EMI can be taken as a deduction u/s 24 without any limit. Further from FY 17-18, the maximum loss for Income from House Property if any after deduction of interest is capped at Rs 2 lakhs annually
Interest component is eligible for deduction as expense out of income from commercial shops.
Which section mam
As per Sec 57(iii) deduction allowed from other sources income is" Any other expenditure (not being capital expenditure) expended wholly and exclusively for earning such income"
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