27 November 2014
I had one self occupies res. house & purchase a second house which wll be rented after completion.
Now i wish to borrow housing loan in this F.Y:14-15 & will any body advice is there any limit of three year for the completion & possession of house by builder so as to take benefit of interest deductible .
27 November 2014
There is no such time limit to claim interest on housing loan for deduction.If the house is under construction, the interest on housing loan till the completion can claimed in 5 equal installments after the house is taxable under Income from house Property.
27 November 2014
NO THE HOUSE IS UNDER CONSTRUCTION & AS PER BUILDER THEY WILL GIVE POSSESSION IN JAN -18. SO IF WE TAKE THE HOUSING LOAN IN FY: 14-15 & SUPPOSE THE BUILDER DELAYED IN GIVING THE POSSESSION & IF WE WERE GIVEN THE POSSESSION AFTER MARCH 18 , THEN WILL U PL CLARIFY WHETHER WE WILL GET THE INTEREST BENEFIT ?
27 November 2014
Interest on borrowed capital can be claimed in the fin yr 18-19 if the house is completed in year 2018. Interest till such period will be compounded and claimed within 5 years from 2018
Acc to u there is no peroid limit & whenever we get the possession we can claim the interest benefit of that current year + 1/5 of preconstruction period .
CAclubindia
