banner_ad

Shop loan interest deduction

291 views 8 replies
User Avatar

84 Points Joined September 2020
home loan interest deduction allow in income tax. u/s 24(b)

what about shop loan interest?
0 Reply Share Follow
On 12 November 2020 at 21:35 Report
Replies (8)
User Avatar

284 Points Joined February 2018
Is residential or commercial property
Reply
On 12 November 2020 at 21:48
User Avatar

84 Points Joined September 2020
Ground level shop in residential apartment
Reply
On 12 November 2020 at 21:49
User Avatar

284 Points Joined February 2018
Is bank provide in the name of home loan are term loan
Reply
On 12 November 2020 at 21:51
User Avatar

84 Points Joined September 2020
As a term loan
sir please explain both
Reply
On 12 November 2020 at 21:55
User Avatar

Tax consultant
5895 Points Joined September 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
Reply
On 13 November 2020 at 01:05
User Avatar

Student
23688 Points Joined November 2017
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 ).
Reply
On 13 November 2020 at 09:07
User Avatar

84 Points Joined September 2020
Thanks to all
Reply
On 13 November 2020 at 09:17
User Avatar

Accountant
3662 Points Joined May 2018
You can claim full interest paid by you

No restrictions
Reply
On 13 November 2020 at 12:00

Summarize this with AI
ChatGPT Perplexity Claude Google AI Grok

CCI Pro

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Threads

More recent discussions | Post

Related Threads
Loading

Latest Job Openings

View all
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 29 April 2026
Manager- Finance and Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details
Company
Featured ARTICLESHIP 19 March 2026
Article Assistant

Gupta Sachdeva & Co. Chartered Accountants

New Delhi

CA Final

View Details