Pre EMI Interest set off against Captial Gains
This query is : Resolved
16 April 2009
I had purchase a house 3 years back when it was under construction on housing loan. Since property was under construction and possession not received I did not pay any EMI. I have now received the possession in this financial year and there is Pre EMI interest accrued on the home loan. I intend to sell the property in this financial year for which there is capital gain. My question is that is it possible to set off the loss due to Pre EMI interest against capital gain in current financial year.
Om Prakash Singh
(Expert)
16 April 2009
Pre EMI Interest iscome under the sources income from house property nad loss from income from house proprty can not be set off with S/T or L/T capital Gain. It may be setoff only with other income from house property. That Emi Interest sud be c/f to next year
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