A shop has been acquired on loan & the same is let out on rental basis and is taxable under the head Income From House Propery. Is the interest paid on loan deductible from rent recieived? If possible give references for the opinion
Menu
Interest on Shop Loan
Replies (5)
Yes, Definately possibel.......
Bcoz Its Rent Received is Not a House Property Income.
Its a Business Income.
as There is No Ownership.....
or May Assumed as OS Income Too........
Rent received from House, Shop & other commercial establishments will treated as Income from House property.
yes u can claim interest u/s 24. . Act says any building let out for commercial purpose is also income from house property. . So any amount of interest paid can be claimed
| Originally posted by : AYUSH AGRAWAL | ||
 |
Yes, Definately possibel....... Bcoz Its Rent Received is Not a House Property Income. Its a Business Income. as There is No Ownership..... or May Assumed as OS Income Too........ |
 |
i agree with Mr. AYUSH AGRAWAL
The question didnt mean that he s not the owner of the shop. . he acquired the shop by getting loan na.. so there is no doubt in the ownership. . So the Rental income will be charged under house property income and he can claim any amount of interest paid as deduction u/s 24. . .
Recent Topics :
- Is there any faculty taking chapterwise test in CA
- Late Fees and Interest
- HDFC Bank’s Bureaucracy: The Nightmare of Fl
- Running a CSC Center, Maha E-Seva Kendra, Setu Ken
- GSTR-9 Table 8A issue
- CA Inter Coaching institutes at Hyderabad
- Looking for practising CA
- TDS return filing
- Need formats of FS as per Co act 2013 in soft copy
- Remittance to italy
Related Topics :
CAclubindia
