tax implication on interest of commercial property loan
This query is : Resolved
03 February 2011
Hi,
My client is an individual, want to construct commercial complex with borrowed money (loan) and then plans to rent it.
1. Is the interest and principle repayment exempted from income tax just like in case of housing loan?
2. Can he claim depreciation on his property ? if yes ? is it as per IT act ? or any other ?
3. TDS would be deducted on Rent what would be the percentage?
My client is an individual, want to construct commercial complex with borrowed money (loan) and then plans to rent it.
1. Is the interest and principle repayment exempted from income tax just like in case of housing loan?
2. Can he claim depreciation on his property ? if yes ? is it as per IT act ? or any other ?
3. TDS would be deducted on Rent what would be the percentage?
03 February 2011
1.It is a business income, Interest is allowed as expenditure.
2. Yes , You can claim depreciation.
3. TDS would be deducted @ 10%.
2. Yes , You can claim depreciation.
3. TDS would be deducted @ 10%.
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