interest on loan taken for residential flat in proprietorship firm

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..... interest on loan taken for residential flat in proprietorship firm
Query (Issue) Started By: - sachin shilamkar Dated:- 20-2-2017 Last Reply Date:- 24-2-2017 Income Tax
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Income .....

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..... Tax
We are planning to purchase residential flat in the name of proprietorship firm as guest house for the same we are taking loan from bank. Can we claim entire interest as business expenses in t .....

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..... he firm's account. Proprietor is already having home loan in his personal name for the existing property which is self occupied. Regards Sachin Reply By Aitha RajyaLakshmi: The Reply: Since it .....

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..... is the Proprietorship firm owner and the business are one and the same. If the Loan is taken in the name of the Proprietor Deduction of Interest paid on Loan can be claimed. If the Loan is taken on .....

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..... Firm name under the name of Guest House, Interest cannot be claimed as deduction but the maintenance expenses may be claimed as deduction as business expenditure. Reply By Sarveshwar Mundra: The Rep .....

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..... ly: If running a guest house is business of the proprietorship firm, then the entire interest allowable as business expenses.
Discussion Forum - Knowledge Sharing .....

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