House property
This query is : Resolved
07 December 2009
An individual is constructing a commercial building and it is under construction in the financial year 2008-09. He has taken a construction loan from bank and has paid interest on loan to the extent of Rs. 8,00,000 during the financial year 2008-09. He is not offering any income from that building for 2008-09 since it is still under construction. Can he claim this interest as a loss and set off against other source of income or other property rental income.
10 December 2009
NO HE CAN TAKE IT AS A LOSS,
YOUR CONSTURCTION IS NOT COMPLETED SO THE INTEREST EXPENSES SHOULD BE CAPITALISED IN THE BUILDING,
YOU CANN'T TAKE THEM AS LOSS AND CANN'T SETOFF AGAINST OTHER INCOME.
YOUR CONSTURCTION IS NOT COMPLETED SO THE INTEREST EXPENSES SHOULD BE CAPITALISED IN THE BUILDING,
YOU CANN'T TAKE THEM AS LOSS AND CANN'T SETOFF AGAINST OTHER INCOME.
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