Manideepvasa (Article Trainee) (37 Points)
20 June 2016
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 20 June 2016
As I understand, you can take benefit of depreciation to the extent the building is used for business purpose i.e. 50% in this case
Manideepvasa
(Article Trainee)
(37 Points)
Replied 20 June 2016
Is the Loan Intrest amount to be segregated on 1:1 Ratio or total intrest amount can be claimed as deduction under sec 24(b) as 50% is Let out Part
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 20 June 2016
50% of interest can be claimed as deduction u/s 24 for LOP. Balance 50% can be claimed as deduction from business income
Manideepvasa
(Article Trainee)
(37 Points)
Replied 20 June 2016
So we can claim 50% amount of interest as deduction in form of 24(b) and other in the form of interestexpense in P&L account.
CAclubindia
