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Shop loan interest deduction

NITIN DALSANIA (84 Points)

12 November 2020

home loan interest deduction allow in income tax. u/s 24(b)

what about shop loan interest?

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8 Replies

Pawan Vemula (284 Points)
Replied 12 November 2020

Is residential or commercial property

NITIN DALSANIA (84 Points)
Replied 12 November 2020

Ground level shop in residential apartment

Pawan Vemula (284 Points)
Replied 12 November 2020

Is bank provide in the name of home loan are term loan

NITIN DALSANIA (84 Points)
Replied 12 November 2020

As a term loan
sir please explain both

ayusmita (Tax consultant) (5885 Points)
Replied 13 November 2020

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

Shivam RC (Student) (23683 Points)
Replied 13 November 2020

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 ).