Deduction u/s 24(b)
This query is : Resolved
09 April 2014
Dear Sir,
Construction of house completed on 25/11/2013.
Constructed house sold on 30/12/2013.
Interest up to the date of construction is available as deduction u/s 24(b) in 5 equal instalment.
Whether deduction is available for 5 years even house property has sold.
rply please
Construction of house completed on 25/11/2013.
Constructed house sold on 30/12/2013.
Interest up to the date of construction is available as deduction u/s 24(b) in 5 equal instalment.
Whether deduction is available for 5 years even house property has sold.
rply please
09 April 2014
no it is not available in that case.
one more thing if you are doing business of selling and construction of house then yor are liabile to tax under business income.
one more thing if you are doing business of selling and construction of house then yor are liabile to tax under business income.
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