If a person buys a commercial property by borrowing from bank as a Loan against property; also the the said is not used for commercial purposes nor is it let out to anyone. Can the person claim interest on the loan as a deduction to income from house property?
Also can the principal portion of the said loan be deductible under section 80C?
Yes u can claim Interest on loan under the head " Income from House Property" but upto Rs.150000/-
and u even can claim principal amount which u have paid to bank under the Head 80C.
Regards,
Harish Bansal
Chirag N Shah & Associates
Mumbai
CA Inter
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Jawahar and Associates Chartered Accountants
Hyderabad
CA Inter
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