Question about house property

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JITENDER KUMAR (Querist)
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06 February 2009 I had taken the Loan for the construction & after construction i will given the same property on rent.
Now whether i want that all the amount payable such as interest & principle would be set off against such rental income?

CA Jithesh C

CA Jithesh C (Expert)
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06 February 2009 Interest paid till the the last date of the financial year immediately preceding the date of construction completed can be claimed as deduction in five equal instalments from the financial year in which the construction was completed. Principal amount cannot be set off.

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