I have a couple of questions about what can be considered as decuctible expenses with relating to Income tax.
The scenario is
- Investment being made in a commercial property in India by an NRI.
- The capital for the purchase of the propery is coming from two sources
(i) - From mortgaging another property (in India) that belongs to the NRI
(ii) - From loans from oversees banks in the Country of Residence of the NRI
Questions:
1- Is the int paid on the mortgage in scenario (i) deductible as a valid expense?
2- Is the int paid on the loans in scenario (ii) deductible as a valid expense?
3- If the above int exps are deductible, can these losses be carried forward?
4- If the above int exps/loss can be carried forward, how long can they be c/f ?
Appreciate your time to respond to my queries.