House property

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NareshRajani (Querist)
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05 June 2015 A CLIENT HAS TAKEN A SHOPLOAN ONWHICH INTEREST IS COMING BUT SHOP IS UNDER CONSTRUCTION, MEANS NO RENTAL INCOME IS COMING FROM THAT SHOP . BUT HE HAS OTHER PROPERTIES ON WHICH RENTAL INCOME IS COMING .SO MY QUESTION IS , CAN HE DEDEUCT THE INTEREST ON SHOP LOAN FROM OTHER RENTAL INCOME.IF THE RESULT IS LOSS MEANS INTEREST ON SHOP LOAN IS MORE THAN THE RENTAL INCOME , CAN HE SET OFF FROM OTHER INCOMES SUCH LOSS FROM HOUSE PROPERTY.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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05 June 2015 if loan is taken for business i,e on shop i.e business then it will be business exp and not house property .

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