Applied direct tax

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rashmi (Querist)
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31 July 2011 please give me the answer within two days or mail me at rashmi.kalindi@gmail.com

Arvind commenced construction of a residential house intended exclusively for
his residence, on 1.11.2008. He raised a loan of `5,00,000 at 16 per cent interest
for the purpose of construction 1.11.2008. Finding that there was an over-run
in the cost of construction he raised a further loan of `8,00,000 at the same rate
of interest on 1.10.2009. What is the interest allowable under section 24, assuming
that the construction was completed by 31.3.2011?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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31 July 2011 solutions send to your id, please check

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Preety Parik

Preety Parik (Expert)
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31 July 2011
Interest will be allowed on the both loans. Interest incurred during the pre construction period wil be allowed in equal five installments, claim it from the previous year in which the house is ready to use. Interest allowable for post construction period will be restricted to Rs.150,000

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