27 July 2022
Sir My son received loan for purchase of shop and paid EMI per month to Bank. Please advise any rebate on Interest on Loan for purchase of Shop and how many amount of rebate Thanks Dharam Pal 9810600330
28 July 2022
If the shop is given on rent, he can claim interest deduction over the EMI fully. In case of loss from HP, it can be set off against other income sources upto Rs. 2 lakhs and remaining carry forward.
CAclubindia
