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Tax Benefit for Commercial Property Loan
I have taken a non residential property loan for the purchase of Shop and monthly EMI is around Rs.20,000/-. I just want to know, will I get any tax benefit on interest & principal repayment..?
Replies (7)
Yes, Deduction available over interest part from rental income or from business income..........
Deduction from rental income..? Sir, can you please explain in detail.?
Sir, after possession I am planning to rent it out and expected monthly rent is around 9k to 10k.
Sir, after possession I am planning to rent it out and expected monthly rent is around 9k to 10k.
Yes, from the rental income you can deduct the interest paid over the loan amount, and rest you can offer for tax.
Thank you so much Sir..
Most Welcome, Dear ....
Sir, One more question I want to ask
Suppose, I paid interest amount of Rs.1.5 lakh annually and got the rental income of Rs.1.2 lakh annually. In this case,is there any limit or I can claim full deduction of Rs.1.2 lakh and if yes, under which section..?
Suppose, I paid interest amount of Rs.1.5 lakh annually and got the rental income of Rs.1.2 lakh annually. In this case,is there any limit or I can claim full deduction of Rs.1.2 lakh and if yes, under which section..?
pandey ji..
u can get full interest deduction u.s 24(b) and maximum set off is available of rs. 2.00 lakhs. balance if any will be carried forward.
u can get full interest deduction u.s 24(b) and maximum set off is available of rs. 2.00 lakhs. balance if any will be carried forward.
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