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.
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