Commercial loan against property. is this eligible for deduction ?

ITR 321 views 10 replies

Hello, I have a Commercial loan against property. Is this eligible for the deduction in Tax filling ? 

Replies (10)

Where the funds were utilized?

Sir funds were used to purchase property in this year 2015. Now i am paying emi.

Its my office space. I was using it now its on rent. I have rental income from that office

You can declare the rental income u/h. IFHP, and claim interest portion as deduction against the same..

Yes sir i will declare rental income but how much rebate i can take? Is loan against property eligible for tax rebate? I just asked from bank i have paid rs 225800 in interest. Can i use whole amount for rebate... 

Note: my rental income is rs 366000

Your income from house property will be loss.
Rental income 366000 will be reduced by property taxes and 30% repairs. This reduced amount will be further reduced by 225800 interest ...
Originally posted by : Dhirajlal Rambhia
You can declare the rental income u/h. IFHP, and claim interest portion as deduction against the same..

Yes sir i will declare rental income but how much rebate i can take? Is loan against property eligible for tax rebate? I just asked from bank i have paid rs 225800 in interest. Can i use whole amount for rebate... 

Note: my rental income is rs 366000
 

Originally posted by : Kapadia Pravin
Your income from house property will be loss.Rental income 366000 will be reduced by property taxes and 30% repairs. This reduced amount will be further reduced by 225800 interest ...

How it will be loss ?

Rental income 366000 and 30% repairs is 109800  and taxes is 5500 so total is 366000-109800+5500= Rs 250700

So total is 250700 if i take rebate of max 2 lakh then still I need to pay tax on 50700. I am right ?

anyone ?

hello ?


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