House property
This query is : Resolved
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.
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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