house property

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janak (Querist)
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14 September 2009 a employee took loan Rs.80,000 4 constrctn of house property @ 10%p.a.on 01/04/2006. completion of contruction of hose- 01/04/2007.he was getting deduction u/s 24(b) -for "pre-construction interest" he has claimed dedctn of some amt in a/y 2008-2009,2009-2010.& remaing amts of "pre contruction interest"in next 3 a/year.
suppose u sells it on 01/04/2010 ,then CAN he claim remaing amt for deductions of "pre-constrction interest" or not ?
plz tell me correct treatment

Ratan Sharma

Ratan Sharma (Expert)
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15 September 2009 In my opinion if the house is sold then the deduction u/s. 24 is not allowable. Lets take an example if a person sold his house and still carrying his housing loan account whether the deduction is available ? perhaps not. Therefore if the house is sold then no deduction will be allowed u/s. 24.

janak

janak (Querist)
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15 September 2009 i want from u correct answer , i m not satisfied .i request to "other experts" whether they agree or not with this answer which was given by Xpert"ratan sharma"?

CA.Tarun Maheshwari

CA.Tarun Maheshwari (Expert)
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16 September 2009 Question is good, but I also support the views of Mr. Sharma.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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10 October 2021 First of all. house cannot be sold/transferred without closure of home loan, as title of the property has to be cleared from any encumbrance.
All the interest paid till the closure of loan + pre-construction interest amount for the year can be claimed in previous year. (subject to limit specified in the section).

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