Interest on house property

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Srishti Shetty

Srishti Shetty (Querist)
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29 October 2014 Can we claim interest paid on loan acquired for purchase of a Commercial property(shop) u/s 24b?

Prakash Kochar

Prakash Kochar (Expert)
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29 October 2014 Interest paid on loan will be allowable under Business head, not u/s. 24.

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ANIL KUMAR

ANIL KUMAR (Expert)
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30 October 2014 If you earn rental income from this property you can claim interest u/s 24 otherwise , Prakash Kochar jee very rightly replied

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Srishti Shetty

Srishti Shetty (Querist)
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03 November 2014 What if the assessee does get any rental income and doesn't have any income under Business or Profession?Can't he claim any deduction?
Or do we treat the Shop as a DLOP ,show a notional rent and claim the interest?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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03 November 2014 if the property is not being used for commercial purposes by the assessee, the same shall be taxed under house property only.

you will offer the same to tax as Deemed let out.

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