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

Rahul Gupta

Rahul Gupta (Expert)
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28 March 2010 No. Interest can claimed only on the residential property used for residential purpose.

CA.Pujah

CA.Pujah (Expert)
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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

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CMA Arif Farooqui

CMA Arif Farooqui (Expert)
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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