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 :)
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Refund Annexure-B
- House Property Reporting in ITR
- TDS Claim year
- Liable to deduct tds and 44ADA
- Refund of 20%pre-deposit paid for stay application
- TDS Challan Code
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- Lease agreement and tax on sale
- Subscription paid to foreign customer
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
