CASE-I:- If I have taken loan for the construction of house property on 01-04-2011 and construction of house is completed on 05-07-2013, but loan is fully repaid on 10-10-2011 (within one year of loan taken). Then in this case whether there is any pre-acquisition period whose deductions of intt. i will be getting in FIVE equal instalments starting from the F.Y.2013-2014.
CASE-II:- This case is quite similar to above, but in this case if the house is constructed completely within one year of loan taken but loan is unpaid then also I have to consider pre-acquisition period or just I have to consider intt. for the year 2013-14 for deduction.
whether this house property sections applicable in case I am constructing my office by taking loan.
24 April 2014
case I - yes you will be getting deduction in five equal installments from FY 2013-14.
Case II - in this case the interest upto 31 March 2012 shall be available in five installments wef FY 2012-13. So for FY 2013-14 you shall add the installment to the interest for FY 2013-14 to deduction claim subject to overall limits prescribed (as applicable to self occupied house property ie Rs 1.5 lakhs per annum)
Querist :
Anonymous
Querist :
Anonymous
(Querist)
25 April 2014
Sir I am satisfied with your case-I answer but NOT satisfied with your case-II answer because if the house is completed with in one year of loan taken then in that case no concept of pre-acquisition period will be applicable. we would be able to claim only current year Intt. as dedutions.
CAclubindia
