Cimmerial property loan
ABHI KUMAR (710 Points)
06 June 2022
purchase commercial shop property joint wife and husband thourgh loan can we tak deduction????
4 Replies
CA Puja Sharma
(Chartered Accountant)
(5010 Points)
Replied 06 June 2022
There is no tax benefit for the purchase of commercial property u/s 80C of the principal amount.
Only the interest component paid for the loan EMI can be taken as a deduction u/s 24 without any limit. Further from FY 17-18, the maximum loss for Income from House Property if any after deduction of interest is capped at Rs 2 lakhs annually
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 06 June 2022
Interest component is eligible for deduction as expense out of income from commercial shops.
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 07 June 2022
As per Sec 57(iii) deduction allowed from other sources income is" Any other expenditure (not being capital expenditure) expended wholly and exclusively for earning such income"
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