home loan interest deduction allow in income tax. u/s 24(b)
what about shop loan interest?
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Shop loan interest deduction
Replies (8)
Quick Summary
Is residential or commercial property
Ground level shop in residential apartment
Is bank provide in the name of home loan are term loan
As a term loan
sir please explain both
sir please explain both
You can claim standard deduction as well as interest Deduction for commercial property upto net annual value that is gross rent minus municipality tax
but if there's is loss then no set off with any income head as per new rule and you can not take principal Deduction
but if there's is loss then no set off with any income head as per new rule and you can not take principal Deduction
You can claim it by showing it as an Expense in the debit side of Profit & Loss A/c under the head PROFITS & GAINS FROM BUSINESS OR PROFESSION ( PGBP ).
Thanks to all
You can claim full interest paid by you
No restrictions
No restrictions
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