Home loan interest deductions
This query is : Resolved
19 February 2013
Hi,
A client has been paying interest on his home loan since May 2012. He will occupy flat in 1st week of march 2013
1. can the entire amount of interest be claimed or
2. interest from may 12 to feb 13 will be considered pre construction period and amortized in 5 installments
A client has been paying interest on his home loan since May 2012. He will occupy flat in 1st week of march 2013
1. can the entire amount of interest be claimed or
2. interest from may 12 to feb 13 will be considered pre construction period and amortized in 5 installments
19 February 2013
No entire interest will be consider for F.y 2012-13. Because of loan taken financial year and occupied financial year both are same so entire interest will consider as interest for that financial year. In case such loan taken before 31-3-2012 and occupied after 31-3-2012 then interest upto 31-3-2012 shall consider as pre-construction period interest and shall allow 5 equal installments. But in your case both loan taken year and occupied year are same financial years so claim entire interest.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
19 February 2013
Thank you very much :)
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