Deduction of interest on borrowed capital u/s 24(b)
This query is : Resolved
Ajay Kothari Jain
(Querist)
16 July 2014
I have acquired a house property by taking a loan from the bank. i am aware that interest (Both Post acquisition and Pre-Acquisition, subject to certain conditions) on such loan is deductible while computing the Income from House Property.
However it is pertinent to note that such house is not handed over to me till date.
In the light of above facts, kindly advise can i get the deduction for interest on loan u/s 24(b).?
However it is pertinent to note that such house is not handed over to me till date.
In the light of above facts, kindly advise can i get the deduction for interest on loan u/s 24(b).?
Nikhil Kaushik
(Expert)
16 July 2014
well as long as effective possession is not available to you, you cannot claim interest deduction. you should accumulate the interest till the possession and then claim deduction in five equal annual instalments from the year in the possession is handed over
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