Dear Experts,
We have received Rent Income of Rs. 400000 by Renting of Factory Shed.. For buying of this factory shed We have taken a Bank loan and repayment made for the same. we paid approx. rs. 65000 as Interest Element towards bank loan.
My question is whether Interest paid on Bank loan can be allowed as a deduction from rent income as per sec. 57 under the head "Income from other sources"???..
Thanks in Advance
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Matters Related to sec 57
Replies (5)
Note that the interest paid should be in the same corresponding year.
Yaa... Interest paid in the same corresponding Year..
but my question is to know the taxability of this event!!. whether it is taxable under the head "house Property" or "Income from Other sources"??....
but my question is to know the taxability of this event!!. whether it is taxable under the head "house Property" or "Income from Other sources"??....
Your question is for deduction u/s. 57, which relates to Income from other sources!!
While for Income from house property, section 24 is applied and not section 57!
It comes under Income from House property not under sec 57 I.e income from other source
Thnk u... Thanks a lot ..
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