House property
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 August 2012
Dear Sir,
I have a house im mumbai which is self occupied by me .it was purchased by me by taking loan in the 1999 &already claimed interest &principal.But now i also constructed a house in kerala by taking loan which is still under construction & it is about to finish. i started this construction in 2011 & also took loan in 2011 it self,so Can i claim preconstruction interest/interest amount & principal amount under 80c. If i cant claim deduction please specify the reason & suggest me a way for claiming that interest & principal amount.I think you will consider my points &do the needful
Thank You.
I have a house im mumbai which is self occupied by me .it was purchased by me by taking loan in the 1999 &already claimed interest &principal.But now i also constructed a house in kerala by taking loan which is still under construction & it is about to finish. i started this construction in 2011 & also took loan in 2011 it self,so Can i claim preconstruction interest/interest amount & principal amount under 80c. If i cant claim deduction please specify the reason & suggest me a way for claiming that interest & principal amount.I think you will consider my points &do the needful
Thank You.
13 August 2012
1. The pre-construction period interest is allowed as deduction u/s 24 in 5 equal instalments from the year in which the construction is completed.
Deduction is NOT allowed if the house is still under construction.
2. Principal amount shall be allowed as deduction u/s 80C even if the construction is not complete.
Deduction is NOT allowed if the house is still under construction.
2. Principal amount shall be allowed as deduction u/s 80C even if the construction is not complete.
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