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Property loan accounting
property loan interest is business expenses or direct charge against to the owner capital account
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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/
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