A Housing loan sanctioned in 2020 and the stamp duty value of the property is Rs 42 lakhs. The Interest on Housing loan came to Rs. 3.80 lakhs in a year. After availing interest exemption in current year under section 80EEA upto Rs. 3.50 lakhs, can the balance of Housing loan interest of Rs. 30,000 can be set-off with Capital Gains in the current year.
Now I need clarification for the following:
1) If the balance can be set-off in the current year with Capital Gains, under which head it can be set-off, i.e.,
a) STCG other than equity,
b) STCG on equity,
c) LTCG on house property,
d) LTCG other than equity,
e) LTCG on equity.
2) If the set-off is not allowed in the current year, can it be carried forward to next year?
3) Is there any limit for set-off of interest.
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