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Interest on commerial property

This query is : Resolved 
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(Querist)
27 July 2022 Sir
My son received loan for purchase of shop and paid EMI per month to Bank. Please advise any rebate on Interest on Loan for purchase of Shop and how many amount of rebate
Thanks
Dharam Pal
9810600330
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
28 July 2022 If the shop is given on rent, he can claim interest deduction over the EMI fully.
In case of loss from HP, it can be set off against other income sources upto Rs. 2 lakhs and remaining carry forward.
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