C
Chetan Ahire
To get tax benefit on interest paid to buy commercial property, do one need to be a businessman with registered business or can a salaried employee also get tax benefit on the same?
Thanks
Facebook
Twitter
Linkedin
Yes, a salaried employee can also get the benefit of deduction available on the loan of commercial property.
For a more detailed discussion, you can connect with us at ca.pujasharma@outlook.com
S
Santhosh Kumar
Does the definition of gross receipt in 44ADA include salary or is it just the gross amount from the service provided?
No, 44ADA - Presumptive scheme for Professionals does not include salary. The gross receipts under this section will only include the consideration received from the customers for the services provided to them.
T&C applyS
Santhosh Kumar
Does the definition of gross receipt in 44ADA include salary or is it just the gross amount from the service provided?
Z
Zubair
In business we sell goods outside state. so can we avail itc on transport service @5%. can we avail input tax credit of 5% of gst charged by transporter.
C
Chetan Ahire
Hi, Can one claim income tax benefit on purchase of commercial property with loan.
Yes, you can claim the benefit of the interest component on the loan paid for the purchase of the commercial property.
Please note no deduction is allowed for the Principal Component paid during the year u/s 80C.
