31 August 2014
As per Income tax pre construction period interest means - interest on housing loan up to the end of Financial year, immediately preceding the year in which construction of house is completed.
Suppose construction completed on 31.08.2014 then interest till 31.03.2014 is called pre-construction period interest.
Explanation to Section 24(b) of Income Tax : "Explanation.—Where the property has been acquired or constructed with borrowed capital, the interest, if any, payable on such capital borrowed for the period prior to the previous year in which the property has been acquired or constructed, as reduced by any part thereof allowed as deduction under any other provision of this Act, shall be deducted under this clause in equal installments for the said previous year and for each of the four immediately succeeding previous years"
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