Tuesday, February 4, 2020

Interest on loan taken to construct a commercial property is deductible under sec. 24 as it was partially let out

IT: Where assessee claimed deduction under section 24(b) on account of interest paid on borrowed fund while computing income from house property, in view of fact that assessee had utilized loan amount for construction of commercial property a part of which was let out and, Assessing Officer had not pointed out any major deficiency in allocation of interest expenditure between area used for commercial purpose and area let out, assessee's claim for deduction was to be allowed

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