Deduction of loan interest on mortgage house.
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 November 2016
If i have taken loan from Bank on Mortgage of my House. And i purchased commercial property from that loan amount. If i am getting rent from commercial property which is much lower than my loan interest of mortgage property. So how much deduction i can claim in income tax as a interest on loan?
23 November 2016
In my view you can deduct interest expense from the income from house property provided the loan is taken entirely for the purchase of the commercial property and you can claim it as loss
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