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.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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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.

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