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houser property deduction
what is the limit of principal amt and interest if I purchase the property for business
Replies (2)
Deduction not allowed if property purchase for own business or profession
Dear Mansi,
If you purchase property for Business then the amount of interest and principal amount shall be allowed as follows:
1. Interest amount: Chargable to P&L as revenue expense.
2. Principal amount: Depreciation will be claimed on that at the rate of 10% block.
If you purchase property for Business then the amount of interest and principal amount shall be allowed as follows:
1. Interest amount: Chargable to P&L as revenue expense.
2. Principal amount: Depreciation will be claimed on that at the rate of 10% block.
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