Treatment of Interest on Housing Loan
This query is : Resolved
27 July 2010
A person having salary income from Unicef which is exempt. He has also taken a housing loan. I am having a query what will be treatment of Interest on Housing Loan whether it will be deducted from salary which is exempt or shown as Loss from housing property.
28 July 2010
Salary from UNICEF is an exempt income. Interest on Housing Loan will be shown as Loss from house property and question of set-off with exempt income does not arises.
28 July 2010
Exempt income will not form of computation , so forget about that. As far as Loss from HP is concerned. He can set it off against any other taxable income. Remaining Loss can be carried forward to next assessment year.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GSTR-1A How to update Invoice
- Excess salary payment.
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- TDS on Purchase of Immovable Property by NRI from NRI
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- Stamp Paper for partnership firm change new income tax 2025
- Capital gain from sale of house property
- When TDS on GST applied
- Before GSTAT- APL-02 Vs APL-04
- Annual return in Gst
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
