07 December 2009
An individual is constructing a commercial building and it is under construction in the financial year 2008-09. He has taken a construction loan from bank and has paid interest on loan to the extent of Rs. 8,00,000 during the financial year 2008-09. He is not offering any income from that building for 2008-09 since it is still under construction. Can he claim this interest as a loss and set off against other source of income or other property rental income.
CAclubindia
