Menu
Property loan accounting
property loan interest is business expenses or direct charge against to the owner capital account
Replies (5)
Quick Summary
Is the property business asset? or personal asset?
2 property purchase for one is for business and one is personal
The interest over property used for business purpose can be taken as business expense.
The interest over other property, if let out, then deduction can be claimed u/s. 24(b) IT act.
Sir what is the act 24(b) it act please explain me so this help me a lot for my work
When you have taken loan over any residential property and pay EMI to bank/s. You are allowed to deduct interest paid to bank from the rental income; u/s. 24(b) IT act.
Refer:: https://housing.com/news/section-24b-tax-deduction-against-home-loan-interest-payment/
Recent Topics :
- On which amount 200% penalty under section 270A is
- RECEIVED INTIMATION U/S 399 FOR TDS PAYMENT ON PRO
- How do CA firms track SEBI/AMFI circulars and dead
- Jurisdictional validity of Sec 148 notice after fa
- Taxable Income or Not
- GST Input Tax Credit (ITC) on Camera Purchase &
- What makes CA Himanshu Singla different from other
- TAX TREATMENT AND ACCOUNTING ENTRIEOF PERQUISITES
- Gifting money to my father-in-law (my husband's da
- GSTR-1 JSON from marketplace exports (Myntra / Ama
Related Topics :
CAclubindia
