PLEASE GUIDE
IS THE MAXIMUM DECUTION OF Rs:2,00,000(F.Y 2014-15) PERMISSIBLE TOWARDS HOUSING LOAN INTEREST INCLUSIVE OF PRE -EMI (WORKED OUT IN 5 EQUAL INSTALMENTS)?
PLEASE ANSWER
sunil aravind (accountant) (96 Points)
28 March 2015PLEASE GUIDE
IS THE MAXIMUM DECUTION OF Rs:2,00,000(F.Y 2014-15) PERMISSIBLE TOWARDS HOUSING LOAN INTEREST INCLUSIVE OF PRE -EMI (WORKED OUT IN 5 EQUAL INSTALMENTS)?
PLEASE ANSWER
CA PAYAL GAJJAR
(Personal Practice)
(150 Points)
Replied 28 March 2015
Yes it is also included for the calculation of interest deduction in case of self occupied
Vishal Goel
(Chartered Accountant)
(1688 Points)
Replied 28 March 2015
The pre-construction interest is allowed upto a limit of Rs 2 Lakhs including the current year interest payment on home loan. This can be claimed only after the house is ready and possession is taken over. If the house has been let out, the taxpayer can claim the entire interest component as deduction from the rental income without any restriction.
anudeep
(article assistant)
(21 Points)
Replied 29 March 2015
Vishal Goel
(Chartered Accountant)
(1688 Points)
Replied 29 March 2015