House Property

This query is : Resolved

V Natarajan (Querist)
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01 April 2009 Being the private Ltd company purchased the house property and has taken the bank loan. Income of the said property assessed as House property Income. Whether the company can claim interest against the income. Interest alone 45% of the said HP income.

CA JAIMIN TRIVEDI

CA JAIMIN TRIVEDI (Expert)
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01 April 2009 Yes. I property is rented, full interest can be deducted against rental income. Otherwise, interest upto Rs.150000/- can be taken as deduction.

Kapil Arora

Kapil Arora (Expert)
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01 April 2009 As per provision of the Income Tax there is same provision for Individual or company or whatever the status of concern so if property is let out then full payment of interest is allowed as deduction otherwise only payment is allowed which is maximum of Rs.1,50,000/-

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