INT ON HOUSING LOAN
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 December 2010
Shall we carry forward the balance of excess amount paid towards Interest on Housing Loan to next year i.e. more than the amount of Rs.1.50 lac for Income Tax savings for Salaries employees?
25 December 2010
What?? Never heard of such treatment, its like unabsorbed depreciation... But not for interest on housing loan. Wait for some expert to reply perfectly....
25 December 2010
can not be carry forward.
26 December 2010
Carry forward of loss is not optional.
The excess interest paid by you will have to be set off U/s 71 against your other heads of income i.e. Salary Income or Income from Other Sources.
If the loss from House Property can not be set off so against current year income then only you can carry it in the next year.
Carry forward of loss is not optional.
The excess interest paid by you will have to be set off U/s 71 against your other heads of income i.e. Salary Income or Income from Other Sources.
If the loss from House Property can not be set off so against current year income then only you can carry it in the next year.
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