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INT ON HOUSING LOAN

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Querist : Anonymous

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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?
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CA Dhiraj Ramchandani

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CA Dhiraj Ramchandani (Expert)
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....
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CA. R. B. SAH

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CA. R. B. SAH (Expert)
25 December 2010 can not be carry forward.
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
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.
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