Deduction of Interest in case of Vacant House Property
This query is : Resolved
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.
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.
07 August 2010
Citation to the above view is
CIT Vs. Neha Builders P Ltd 296 ITR 661(Guj).
CIT Vs. Neha Builders P Ltd 296 ITR 661(Guj).
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