invometax rebate on commercial property
THAMBIAPILLAI RAJAN (9 Points)
07 July 2018
if it is possible to get income tax rebate on commercial property loan
2 Replies
CA Sunil Kumar
(Chartered Accountant)
(4524 Points)
Replied 07 July 2018
Yes, You can claim full interest u/s 24b in respect of money borrowed for purchase, construction, repair, renovation of the commercial property without any limit whether the same is let-out or used for the purpose of your own business or profession.
Taxation of commercial propertyIncome
Income from house property in general is taxable under the head “Income from House property”. This applies to both residential as well as commercial property.
Deduction Section 80C
It is important to note that you are not allowed any deduction for repayment of loan taken for commercial property under Section 80 C.
Taxation of commercial propertyIncome
Income from house property in general is taxable under the head “Income from House property”. This applies to both residential as well as commercial property.
Deduction Section 80C
It is important to note that you are not allowed any deduction for repayment of loan taken for commercial property under Section 80 C.
THAMBIAPILLAI RAJAN
(9 Points)
Replied 07 July 2018
THANKS SIR FOR YOUR REPLY.It is helpful for me to get rebate
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