Dear friends, could someone help me with this question:
I am the single owner of a plot on which I am constructing a commercial building for rental purposes.
I am raising a mortgage loan, on which I am including my wife as a co-applicant.
I learned that the interest on loan is 100% tax deductible, without any cap, since it is for the construction of commercial property.
When I get rental income, do I get to deduct 100% of all of the interest paid on the loan on my income tax return?? Or it is only the 50% of the interest I could deduct from taxes because my wife was co-applicant on the loan??
Thanks in advance
CAclubindia
