home loan interest deduction allow in income tax. u/s 24(b)
what about shop loan interest?
8 Replies
Pawan Vemula
(284 Points)
Replied 12 November 2020
Is bank provide in the name of home loan are term loan
ayusmita
(Tax consultant)
(5885 Points)
Replied 13 November 2020
You can claim standard deduction as well as interest Deduction for commercial property upto net annual value that is gross rent minus municipality tax
but if there's is loss then no set off with any income head as per new rule and you can not take principal Deduction
but if there's is loss then no set off with any income head as per new rule and you can not take principal Deduction
Shivam RC
(Student)
(23683 Points)
Replied 13 November 2020
You can claim it by showing it as an Expense in the debit side of Profit & Loss A/c under the head PROFITS & GAINS FROM BUSINESS OR PROFESSION ( PGBP ).
JATINDER KUMAR
(Accountant)
(3662 Points)
Replied 13 November 2020
You can claim full interest paid by you
No restrictions
No restrictions
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