POSTED BY June 11, 2012 2:31 pm COMMENTS (7)
ONDear all,
Is it possible to get IT benefits on housing loan taken in purchase/construction of commercial bldg/ shops.
Bank is ready to give hosing loan on this building.
Pl. give your views on this.
Regards, Ram
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Thank you Mr. Ashal. Yes Mr. Ashal, we are intend to rent the shop.
However, bank interest rates on commercial property are high. Hence, we are checking for internal fund raising.
Anyhow, thanks for your info.
Regards, Ram
Dear Ram, Yes is the answer if you intend to use that building for rental purpose.
Thanks
Ashal
Dear Ashal,
I was going to post the same question on IT benefit for commercial properties. I already have a self-occupied house and I plan to buy a commercial property taking housing loan from the bank. Can I get the IT benfits for the whole interest component without any limit? I plan to give this property for rental. Thanks in advance for your response.
Regards,
Aji
Dear Aji, as you are going to declare your rental income, the interest paid by you ‘ll be available to set off with out any limit.
Thanks
Ashal
Thank you for the prompt response.
Hii,
Is there any provision to offset income coming through salary in the interest or principal of commercial property loan.
No