INTERESTON BORROWED CAPITAL ON HOUSE PROPERTY

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MAHENDRA KUMAR POKHARNA

MAHENDRA KUMAR POKHARNA (Querist)
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03 December 2010 CAN WE CLAIM INTERESTON BOROWED CAPITAL ON HOUSE PROPERTY U/S 24 WHICH IS USED FOR BUSINESS PURPOSE

CA Dhiraj Ramchandani

CA Dhiraj Ramchandani (Expert)
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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

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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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.

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