17 June 2009
Plz let me if i borrowed the loan for commercial property. whether i can avail debuction under sec -24 for interest on loan and under 80c for installment.
17 June 2009
Dear Sanjay if Commercial Property is Stock in Trade then u will get Deduction u/s 36(1)(iii) for Ineterest portion only, but if ur property is let out then you will get deduction of interest u/s 24(b) However the repayment of principal portion is not available in either case because as per Sec. 80C it is available for Residential House only.
CAclubindia
