House property

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radha (Querist)
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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.

CA Balram Sharma

CA Balram Sharma (Expert)
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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.

radha

radha (Querist)
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26 December 2009 thank you sir

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