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Q. > Please Help: How to claim interest expense on hosing loan of director in company in which he is director
One of the director having housing loan on his residential property of Rs.12crore & paying interest of around Rs 1crore P.A., since there is restriction in house property under income tax that interest expense can be claimed upto 2 lakh P.A. on owned property, so he want to claim interest on such loan in the company in which he is director without transferring the ownership of property to company is there any possibility that loan can be transferred without attracting tax liability.
or is there any way that company can claim the benefit interest on such loan without attracting tax liability
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Comments
CA Himanshu Gandotra
25-Mar-2019 , 02:15:25 pmIf you are not the full time employee of the company then your fees is taxable under Income from Business and profession. In that case you can claim intereat paid fully from prpfessional fees received from company.