Property loan accounting
Sayed Nabil (385 Points)
14 September 2024Sayed Nabil (385 Points)
14 September 2024
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(174985 Points)
Replied 14 September 2024
Is the property business asset? or personal asset?
Sayed Nabil
(385 Points)
Replied 15 September 2024
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(174985 Points)
Replied 15 September 2024
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.
Sayed Nabil
(385 Points)
Replied 15 September 2024
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(174985 Points)
Replied 15 September 2024
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/
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