Deduction u/s 24
This query is : Resolved
21 January 2014
booked flat in Dec 2007 & home loan taken in Jan 2008 from OBC bank.
Expected possession of flat in April 2009.
Actual completion of flat in 20013 and possession of flat taken in Dec 2013.
Total intt. paid till Dec 2013 INR7lacs and deduction not taken in any IT return but deduction of principal taken in IT return.
question
Whether deduction of interest can be taken now and If Yes how? under Income from house property.
Expected possession of flat in April 2009.
Actual completion of flat in 20013 and possession of flat taken in Dec 2013.
Total intt. paid till Dec 2013 INR7lacs and deduction not taken in any IT return but deduction of principal taken in IT return.
question
Whether deduction of interest can be taken now and If Yes how? under Income from house property.
21 January 2014
Yes, you can claim tax benefit in respect of interest on the housing loan now after the construction of the property is completed. The interest paid for the period prior to the FY 2013-14 shall be deductible in five equal annual instalments commencing from the FY 2013-14 in which the construction of the property has been completed. Accordingly, the deduction towards aggregate interest (including Rs.140,000 being one-fifth of pre-construction interest) could be claimed in the FY 2013-14.
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