houser property deduction
Mansi Mhapsekar (158 Points)
05 November 2018
what is the limit of principal amt and interest if I purchase the property for business
2 Replies
Mayur Patil
(Article)
(1276 Points)
Replied 05 November 2018
Deduction not allowed if property purchase for own business or profession
Nitesh bind
(Student CA Final )
(12692 Points)
Replied 05 November 2018
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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