Dedcution u/s 24b
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 March 2010
A house property, which is not a residential property (Used as an office), entire interest amount (more than 30,000/150,000) payable towards loan taken against it, will be admissible u/s 24 (b). ???
Conditions:
1.Office is occupied for own business
2.Office is let out
Regds/-
Anil Jain
Conditions:
1.Office is occupied for own business
2.Office is let out
Regds/-
Anil Jain
28 March 2010
No. Interest can claimed only on the residential property used for residential purpose.
29 March 2010
I disagree here,
1) If House property is used for own business then it is not covered under house property, but is an office bldg & depreciation can be claimed thereon. Also whole of the bonafide interest is deductible from business income.
2) If the House property is let out, the same is house property under the act & still whole intt is deductible. There is no ceiling of 1.5 lacs as the ceiling is only for Self occupied property
1) If House property is used for own business then it is not covered under house property, but is an office bldg & depreciation can be claimed thereon. Also whole of the bonafide interest is deductible from business income.
2) If the House property is let out, the same is house property under the act & still whole intt is deductible. There is no ceiling of 1.5 lacs as the ceiling is only for Self occupied property
01 April 2010
Question is asked, whether it is deductable u/s 24 b.
Condition 1- not deductable as No deduction on interest is provided on H.P. used for self business, profession & vocation.
Condition 2- agree with Pujah
Condition 1- not deductable as No deduction on interest is provided on H.P. used for self business, profession & vocation.
Condition 2- agree with Pujah
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