House property

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

27 July 2014 Purchase a property (Flat) for Rs. 58,30,500 on which a loan of Rs.25,00,000 has been taken. The bank is charging an interest of Rs.49,826. Can I claim deduction for this amount as interest on borrowed capital under the head income from house property?
The property under construction with the builder.

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

27 July 2014 you cannot claim deduction for interest till the house is under construction.

You need to accumulate the interest till the year before the year in which the construction is completed. This accumulated interest shall be claimed as deduction in five equal installments starting from the year in which the house is completed.

Rupesh Jain

Rupesh Jain (Expert)
Follow

27 July 2014 you can not claim the intt. under construction.

after completion you can claim the intt. of construction period in next year after the competion in 5 years equally.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Vishal Kapadiya

Prashant Kotecha

Rajesh

Akash Sawant

JACOB ABRAHAM KURIALANICKAL

Subscribe Now

House property

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

CA Final

GST CONSULTANT

Manager- Finance and Compliance

Senior Executive

GST CONSULTANCY

Accountant