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houser property deduction

Mansi Mhapsekar (158 Points)

05 November 2018

what is the limit of principal amt and interest if I purchase the property for business

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Mayur Patil (Article) (1276 Points)
Replied 05 November 2018

Deduction not allowed if property purchase for own business or profession

Nitesh bind (Student CA Final ) (12692 Points)
Replied 05 November 2018

Dear Mansi,

If you purchase property for Business then the amount of interest and principal amount shall be allowed as follows:

1. Interest amount: Chargable to P&L as revenue expense.

2. Principal amount: Depreciation will be claimed on that at the rate of 10% block.

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