balance of loan exp carried over to future years ?

POSTED BY etaxmentor ON April 5, 2013 1:13 pm ONE COMMENT

Hi

                     I settled a 4 year old bank loan plus interest accrued in February 2013. I have bank deposits interest income as well. Can I set off accrued bank loan int.expense from my bank interest income in my tax returns? Since my loan int exceeds int.income for the year can the balance of loan exp carried over to future years ?

thanks and regards

etaxmentor

One reply on this article “balance of loan exp carried over to future years ?”

  1. Dear Etaxmentor, No, your client in question can not set of home loan interest against bank’s interest income.

    Thanks

    Ashal

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