Set off of loss from house property
This query is : Resolved
06 November 2012
I am a salaried employee and have purchased a commercial property through a bank loan. Currently the property is lying vacant. Can i claim the interest payment on my bank loan as loss from House property and set off the same from my salary income.
06 November 2012
Interest Allowed u/s 24(b), That for House property Only.
Not for Commercial Property.
* Installment payment u/s 80C Allowed only for Home Loan Principle Payment, Not For Commercial property, if in Deed , You registered it as Commercial property then Not Allowed, Although It Registered as Vacate Land, No Int/Installment allowed as Deduction.
Not for Commercial Property.
* Installment payment u/s 80C Allowed only for Home Loan Principle Payment, Not For Commercial property, if in Deed , You registered it as Commercial property then Not Allowed, Although It Registered as Vacate Land, No Int/Installment allowed as Deduction.
06 November 2012
If the property is rented then can I claim the interest expense as a set off from my rental income and the loss from House property against my salary income
06 November 2012
Yes If you have rented the property You can claim interest on housing loan against your rent income and the excess can be set off.
06 November 2012
Just to confirm. The interest expense can be claimed only if the commercial property is rented. In the case of commercial property not being rented I cannot claim interest expenses.
06 November 2012
The Interest u/s 24(b) i.e. interest on housing loan can be claimed only if you have self occupied the property for residence or if you have rented the property.
If you are using it for your business then interest u/s 24(b) cannot be claimed.
If you are using it for your business then interest u/s 24(b) cannot be claimed.
06 November 2012
Claming Interest Not Depends on Whether You Rented or Not.
Only Limit 1.5 Lacs is differ.
Other Interest Can be Claimed Even Not rented.
Your property (vacate land) Given on Rent or Not, Interest Cant be Claimed under 24(b).
Only Limit 1.5 Lacs is differ.
Other Interest Can be Claimed Even Not rented.
Your property (vacate land) Given on Rent or Not, Interest Cant be Claimed under 24(b).
06 November 2012
Dear Ayush, Are you trying to tell me that interest on commercial loan cannot be claimed as a deduction. Will appreciate if you can reply in a yes or No.
06 November 2012
Yes, Only on House Property Interest Can be Claimed u/s 24(b).
Otherwise Claim Under Section 36 of Business Profession Head.
Otherwise Claim Under Section 36 of Business Profession Head.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- GST on export of services and Input Credit
- TDS U/S. 194NF
- Applicable TDS rate for sale of property in Nov 2024
- GST ON EXPORT COMMISSION
- Import license renewal
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
