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Interest on Home Loan
pls tell me home loan interest allow in business P & L.
Replies (4)
Home loan interest is not allowable under business P&L.
If it's used as company guest house then interest can be claimed under business expenditure. Depreciation too can be claimed.
If it's used as company guest house then interest can be claimed under business expenditure. Depreciation too can be claimed.
No....
Home Loan interest is not allowed as deduction under Business PNL. It is a personal expense. Since disallowed u/s 37(1) of the Income Tax Act 1961.
You can claim it u/s 24(b) of the Income Tax Act 1961 while computing Income from House Property ( upto Rs. 2,00,000 if Self Occupied and no upper limit if let out ).
Home Loan interest is not allowed as deduction under Business PNL. It is a personal expense. Since disallowed u/s 37(1) of the Income Tax Act 1961.
You can claim it u/s 24(b) of the Income Tax Act 1961 while computing Income from House Property ( upto Rs. 2,00,000 if Self Occupied and no upper limit if let out ).
okay sir thanks a lot
No, Home Loan is not allowed as deduction under Business P & L.
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