Clarification on deduction of commercial property loan under 80C

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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.
Replies (2)
  1. 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).
  2. Deduction on account of repayment of loan u/s 80C is applicable only for residential house property (refer 80C)
  3. Though shop is a commercial property, you may claim deduction u/s 24
Thank you so much Poornima


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