Conversion of house property into business/professiona

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 August 2013 Dear Sir,

Pl. let me know the treatment under Income Tax of Residential Self Occupied Property is transferred/converted into Business/Profession in case of Individual.
Can Individual get the benefit of Interest on Loan for Purchase of said Residential Property and Depreciation if converted into Business/Profession?
Regards

CA UMESH DULAL

CA UMESH DULAL (Expert)
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23 August 2013 if you transfer residential house to business than you will get benefit of depreciation.

In case of interest, if the business purchase house by taking loan in its own name than interest is treated as allowable expenses