Is there any IT tax rebate for loan taken for a commercial property (SHowroom)?
This query is : Resolved
Jesudas Fernandes
(Querist)
20 April 2021
Is there any provision for tax rebate on the principal amount or the interest paid on a loan taken for commercial property (shop)? I'm a salaried person and want to purchase a shop for my family members and run it.
I want to check whether any rebate or deductions are allowed on loans for commercial property?
thanks and regards,
Jesudas F.
I want to check whether any rebate or deductions are allowed on loans for commercial property?
thanks and regards,
Jesudas F.
CA R SEETHARAMAN
(Expert)
21 April 2021
No deduction for principal amount. Interest can be claimed as business expenses for the commercial property.
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