Loan interest deduction
A salaried employee takes loan to purchase a shop. The shop is vacant. Can he claim interest deduction of loan?
Replies (2)
this is not residential property hence interest intrest is not allowed
Hello,
Not agree with Vijay
The shop will be treated as a "house property". Hence, the calculation of income from such house property will be done like any other house property and the interest payable on such a loan will be available for deduction . However, no benefit will be available in respect of the principal repaid on such a loan. This is because the deduction under Section 80C is restricted to loans taken to acquire/construct residential house property.
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