TMI Bloginterest on loan taken for residential flat in proprietorship firmX X X X Extracts X X X X X X X X Extracts X X X X ..... 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 the firm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... '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 is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 Fi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rm 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ly = If running a guest house is business of the proprietorship firm, then the entire interest allowable as business expenses. - interest on loan taken for residential flat in proprietorship firm - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Query Started By: - sachin shilamkar Dated:- 20-2-2017 Income Tax - Got 2 Replies - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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