shop purchased on morgage loan from bank as a investment and for rent income.
can i take interest on loan as a expenses in profit and loss account?
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Morgage loan interest
Replies (3)
Quick Summary
It won't come under profit and loss account as it is not for business purpose.
rental income from shop will be taxed under income from house property and interest paid for loan taken to purchase shop can claim deduction.
rental income from shop will be taxed under income from house property and interest paid for loan taken to purchase shop can claim deduction.
Agree
under the head house property the taxpayer can take deduction of interest payable on loan taken for acquiring such shop. this deduction is in addition to the standard 30% deduction.
if you are recording transaction in books of accounts then you may record it as an expense in P&L but while computing income under the income tax act you have to take such rental income under the head house property.
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