deduction of home loan taken in AY 16-17

This query is : Resolved

Md Raja (Querist)
Follow

14 October 2016 respected professional, my client has taken home loan in nov 2015. His income by way of business. how can he claim for deduction for home loan interst paid.

Anand

Anand (Expert)
Follow

15 October 2016 Compute the income from houseproperty.
If it's self occupied then claim upto Rs. 200000 interest.
Note that the loss of houseproperty during the year can be off set against business income.
If any loss remains carry forward for eight years but in future years it can be set off only against income from house property.

Murtaza I Bhagat

Murtaza I Bhagat (Expert)
Follow

15 October 2016 you can sett off your house property loss (interest) with business income and also claim principal amount as 80C deduction as said by anand sir.

Upgrade to CAclubindia Pro. Subscribe Now!