Easy Office
LCI Learning

tax implication on interest of commercial property loan

This query is : Resolved 
Profile Image

Profile Image

(Querist)
03 February 2011 Hi,
My client is an individual, want to construct commercial complex with borrowed money (loan) and then plans to rent it.

1. Is the interest and principle repayment exempted from income tax just like in case of housing loan?

2. Can he claim depreciation on his property ? if yes ? is it as per IT act ? or any other ?

3. TDS would be deducted on Rent what would be the percentage?
Profile Image

CA Shailesh Kumar Bhagat

Profile Image

CA Shailesh Kumar Bhagat (Expert)
03 February 2011 1.It is a business income, Interest is allowed as expenditure.
2. Yes , You can claim depreciation.
3. TDS would be deducted @ 10%.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries


CCI Pro
Live Budget News and Updates

Trending Online Classes

view all classess
Let's Talk Money: You've Worked Hard for It, Now Make It Work for You
Click here for more bestsellers


Answer Query



Quick Links