House property
This query is : Open
14 July 2016
Dear experts,
i want to know, i have a commercial property on which i am getting rent, if i am taking a loan by mortgaging my commercial property , then can i claim interest paid on such loan as deduction while computing income from house property.
Thanks in advance
14 July 2016
Yes ,if loan is for repair, renewal or reconstruction of the commercial property.
14 July 2016
You have to fix the purpose for which the loan has been taken. If you have taken business loan against your commercial property then you can claim the interest as expenses against your business income but if you have taken loan for repairs of commercial property as has correctly been said by the expert then you can claim the interest against rental income. If you have taken loan for any other purpose it is to be examined from that angle but as you have not stated for which purpose you have taken the loan it is difficult to give you the correct reply.
14 July 2016
You have to fix the purpose for which the loan has been taken. If you have taken business loan against your commercial property then you can claim the interest as expenses against your business income but if you have taken loan for repairs of commercial property as has correctly been said by the expert then you can claim the interest against rental income. If you have taken loan for any other purpose it is to be examined from that angle but as you have not stated for which purpose you have taken the loan it is difficult to give you the correct reply.
15 July 2016
Thanks sir...i understand
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