INTERESTON BORROWED CAPITAL ON HOUSE PROPERTY
This query is : Resolved
03 December 2010
CAN WE CLAIM INTERESTON BOROWED CAPITAL ON HOUSE PROPERTY U/S 24 WHICH IS USED FOR BUSINESS PURPOSE
04 December 2010
Nope.. If loan amount is utilised for business..., then such amount can b claimed as business expense and not u/s 24
05 December 2010
If the House Property is used for own business purpose then Interest on Capital borrowed for the purchase of such house property can not be claimed u/s 24 as Income of such property is not taxable under this head.
However if the property is let out to others for business purpose, Interest U/s 24 will be allowable.
However if the property is let out to others for business purpose, Interest U/s 24 will be allowable.
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