Hello Guys and respected members,
Kindly advice me on following things.
Recently I have purchases the shop and for that I have taken loan from the bank. So, my basis queries is can I get the principal payment of loan amount under 80C and under which head should I present the rent income from the shop as well as how I can get the Interest payment deduction in income tax.
kindly give your advice on above point with some document or section based...your advice is highly appreciable.
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Clarification on deduction of commercial property loan under 80C
Replies (2)
- The word property is defined as buildings or land appurtenant thereto. Shop being a building is treated as house property and hence rental income after allowable deductions is chargeable under IFHP (provided the same is not being used for the purpose of profession/business of owner, in which case, income will be assessed under PGBP).
- Deduction on account of repayment of loan u/s 80C is applicable only for residential house property (refer 80C)
- Though shop is a commercial property, you may claim deduction u/s 24
Thank you so much Poornima
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