Interest on loan for commercial property
Querist : Anonymous
Section 22 does not make any distinction between residential property or commercial property.
Rental income earned from both types of property are taxable under 'Income from House Property'.
Section 24 of the Act provides deduction for interest paid on loan taken for construction of building.
Deduction is available for residential as well as commercial building.
Therefore, in the above case, interest will be allowed as deduction.
Querist : Anonymous
Accordingly, in this case, deduction u/s 80C will not be available.
Querist : Anonymous
In this case, deduction will not be available.
Thankyou for correcting me.
Actualy i was confused in 2 queries. an other one is about housing loan. any way thanks again.
Thankyou for correcting me.
Actualy i was confused in 2 queries. an other one is about housing loan. any way thanks again.
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