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direct tax (house property)

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Querist : Anonymous

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Querist : Anonymous (Querist)
05 September 2010 if costruction begins on 1-4-2004 and complited on 1-4-2008.
The first loan was taken at the time of begining of construction and on 1-4-2006 he took another loan for the payment of first loan, will the interest of second loan along with the interest of first loan up to payament of first loan be allowed for deduction as interest for pre construction period.
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
05 September 2010 yes. preconstruction period loan will be allowed on 5 equal instalment, after the construction is completed
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