Interest on Home Loan
jeetender (Accountant) (35 Points)
28 August 2019
pls tell me home loan interest allow in business P & L.
4 Replies
Kapadia Pravin
(17259 Points)
Replied 28 August 2019
Home loan interest is not allowable under business P&L.
If it's used as company guest house then interest can be claimed under business expenditure. Depreciation too can be claimed.
If it's used as company guest house then interest can be claimed under business expenditure. Depreciation too can be claimed.
Shivam RC
(Student)
(23683 Points)
Replied 28 August 2019
No....
Home Loan interest is not allowed as deduction under Business PNL. It is a personal expense. Since disallowed u/s 37(1) of the Income Tax Act 1961.
You can claim it u/s 24(b) of the Income Tax Act 1961 while computing Income from House Property ( upto Rs. 2,00,000 if Self Occupied and no upper limit if let out ).
Home Loan interest is not allowed as deduction under Business PNL. It is a personal expense. Since disallowed u/s 37(1) of the Income Tax Act 1961.
You can claim it u/s 24(b) of the Income Tax Act 1961 while computing Income from House Property ( upto Rs. 2,00,000 if Self Occupied and no upper limit if let out ).
Anil Sinha
(6 Points)
Replied 28 December 2023
No, Home Loan is not allowed as deduction under Business P & L.
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