29 March 2009
i own a house for which i had taken housing loan of 10 lac . I repaid the housing loan duiring 08-09 & took business loan 20 lacs agt that property. will I be Entiteled to examption of interest.
What will the situation if laon of Rs 10 lacs is swaped with loan of Rs 20 lacs from other bank for same property.
I have income from business as well as from salary during the current year.
29 March 2009
Your Housing Loan Interest Benifit gets exhausted as you have closed the loan, How ever as informed that you have taken business loan agst mortgage of house. Interest paid on such loan will form part of your business expenditure to your profit & loss a/c
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