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Interst on Housing loan
I took a housing loan for construction of hosiptal in my home. Now we know that there is limit of Rs 200000 on interest claiming deduction. but I am debiting this interest in PL Account so is this limit of 200000 is also applicable to that interest on housing loan which is debited in PL Account?
Replies (2)
There is no such limit for debiting interest to Profit and loss account of business to the extent for business.
but the thing is nature of loan is housing loan..and I am using this loan for commercial construction? Is there any separate loan which need to be taken for construction of commercial property instead of Housing Loan?
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