House property

Save Share

This query is : Resolved

HALAI SARFARAZ I. (Querist)

14 March 2012 hi,sir/madam
I have query related to HP(house property) is that
"if I take loan for HP in FY_07-08 of RS.one crore for tem of 10 yrs (assummed at begnig)
and all procedure of loan is over & loan was sanctioned me but after
that I come to know that there was some dispute going on between builder
& landlord that’s why I cancelled the agreement simultaneously i recd.
above loan against mortgage of other property(bank also agree with this)
and that money i investment in business(50%)& give it as loan to other(50%).
"
in 07-08 I filed the return showing(business+capital gain+other source income)
in that yr I paid interest on said loan proportionately(claim accordingly-50% each)
"But in FY_10-11 I repaid loan full for whice I paid interest as forecloser of
rs.20,00,000/-,when my business income is only rs.500000/- & other source income is 420000/-"

Que
1 IN FY_08-09 there was income from is estimated rs.10 Lac but in actual it was
rs.3 lac, other income is 1.75 lac & CG= rs.1Lac where int. on HP loan was 7.5lac
in that return I take full amt. of interest as deuction showing as Business loss
& filed return
2 should I take full amt of interest in FY-10-11(I want return) for return filling or
proportionately or to the extend of proportionate income

plz advise/guide me