Interest Paid on Shop Loan Rs 115000/- and Interest Paid on Home Loan is 25000/-, So my query is whether both of these will be eligible as deduction under sec 24 (b)?
Giridhar S Karandikar
(Team Lead)
(7543 Points)
Replied 12 June 2012
If the shop is being used for the purpose of carrying on business & profession then interest would be deductible u/s 36(iii)(i), else if it is being rented out the same would be deductible u/s 24. Interst on home loan would be eligible u/s 24(b)
Prateek Agarwal
(Sr. Executive - Finance & Accounts)
(1732 Points)
Replied 13 June 2012
Interest paid for shop loan shall be deductible in business income.
As for the home loan, only that shall be deducted in House Property Income.
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