I am planning to take a loan of 25 Lakh and my property valuse is only 40 Lakh. I understand that the interest paid this year is eligible for income tax deduction up to 2.5 lakh. My prperty is under construction and I cant claim the interest this year. Please guide me on the following questions
How much interest expense paid can be carry forward to future? My property will be available next year but my interest expense for the next 5 years is more than 1.5 Lakh every year. If my interest expense is more than 1.5 Lakh each in next 5 years, when I can utilize the pre emi interest expense?
CAclubindia
