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.
The property under construction with the builder.
Nikhil Kaushik
(Expert)
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.
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
(Expert)
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.
after completion you can claim the intt. of construction period in next year after the competion in 5 years equally.
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