Direct tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 July 2012
any 1 can tell me any interest paid on housing loan against under construction property any deduction available
Suresh Mittal
(Expert)
10 July 2012
NO, THERE IS NO DEDUCTION AVAILABLE RIGHT NOW. BUT AFTER THE COMPLETION OF CONSTRUCTION IF YOU RESIDE IN THAT HOUSE, I.E., SELF OCCUPIED, THEN YOU WILL BE ENTITLED FOR DEDUCTION FOR INTEREST (WITH IN OVERALL LIMITS) PAID DURING THE CONSTRUCTION PERIOD, TO BE DIVIDED IN FIVE ASST. YEARS EQUALLY.
11 July 2012
Pre- Construction period Interest is available as deduction in five equal installment , starting with the year in which construction is completed or property is acquired.
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