Morgage loan interest
Nitin Dalsania (12 Points)
27 May 2021can i take interest on loan as a expenses in profit and loss account?
Nitin Dalsania (12 Points)
27 May 2021
Sivaramaraju G
(Learner)
(2398 Points)
Replied 27 May 2021
veerendar singh
(tax consultant)
(3301 Points)
Replied 27 May 2021
under the head house property the taxpayer can take deduction of interest payable on loan taken for acquiring such shop. this deduction is in addition to the standard 30% deduction.
if you are recording transaction in books of accounts then you may record it as an expense in P&L but while computing income under the income tax act you have to take such rental income under the head house property.
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