I am Confused
A shop purchased on loan and after that it was given on rent. Whether this rent is taxable under Income From House Property (if Yes) what will be the treatment of Interest on Loan taken for purchase of house property. Otherwise what will be the treatment of the same.
yes it will be taxable under HP nd interest on loan can be taken as a deduction u/s 24(b)........as interest on borrowed capital ........as it is a let out property whole amount of interest will be allowed.......
Yes, it is taxable under IHP. U can also claim the int. u/s.24, as rightly said by my friend above
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
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