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Deduction of Interest in case of Vacant House Property

This query is : Resolved 
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(Querist)
07 August 2010 One of My client is engaged in the business of constructing and letting out business parks and complexes.During the FY 09-10,it obtained Building Completion Certificate for one of its Business Park in May but the same remain vacant till the end of the year and no rent income is earned.Whether loss from house property can be booked to the extent of interest paid on the loan since there is no income.
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
07 August 2010 Since your main business in construction then the house will be held as stock in trade and hence the same could be taken as business loss but not loss from house property.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
07 August 2010 Citation to the above view is
CIT Vs. Neha Builders P Ltd 296 ITR 661(Guj).
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