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Shop loan interest deduction

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84 Points Posted on 12 November 2020
home loan interest deduction allow in income tax. u/s 24(b)

what about shop loan interest?
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On 12 November 2020 at 21:35 Report
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284 Points Posted on 12 November 2020
Is residential or commercial property
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On 12 November 2020 at 21:48
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84 Points Posted on 12 November 2020
Ground level shop in residential apartment
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On 12 November 2020 at 21:49
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284 Points Posted on 12 November 2020
Is bank provide in the name of home loan are term loan
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On 12 November 2020 at 21:51
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84 Points Posted on 12 November 2020
As a term loan
sir please explain both
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On 12 November 2020 at 21:55
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Tax consultant
5895 Points Posted on 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
57 Reply
On 13 November 2020 at 01:05
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Student
23688 Points Posted on 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 ).
97 Reply
On 13 November 2020 at 09:07
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84 Points Posted on 13 November 2020
Thanks to all
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On 13 November 2020 at 09:17
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Accountant
3662 Points Posted on 13 November 2020
You can claim full interest paid by you

No restrictions
9 Reply
On 13 November 2020 at 12:00


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