House property
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 January 2015
Dear Experts,
If anyone takes the possession of a house in Sept14 and the pre interest is 150000, then this interest will be divide in 5 year equal proportion to claim the deduction under section 24. Then now my question is that in AY 15-16, he will be eligible to claim the deduction as preinterest for 30000(150000/5) + payment of interest after possession.
Because his rental income will be calculated from Sept 14 for AY15-16 it it is let out.
Please clear. thanks
If anyone takes the possession of a house in Sept14 and the pre interest is 150000, then this interest will be divide in 5 year equal proportion to claim the deduction under section 24. Then now my question is that in AY 15-16, he will be eligible to claim the deduction as preinterest for 30000(150000/5) + payment of interest after possession.
Because his rental income will be calculated from Sept 14 for AY15-16 it it is let out.
Please clear. thanks
02 January 2015
Your eligible to claim the above deduction.
02 January 2015
The pre-construction interest paid for the period prior to the fiscal in which the construction of the property is completed shall be deductible in five equal annual instalments commencing from the fiscal in which the construction of the property has been completed. Accordingly, the deduction towards aggregate interest (including one-fifth of pre-construction interest) can be claimed from the fiscal in which the construction of the property has been completed.
a loan was taken on December 2010 and the construction of the house gets completed on September 20, 2013, in that case pre -construction Interest is taken from December 2010 to March 2013and deduction will be allowed from FY 2013-14.
a loan was taken on December 2010 and the construction of the house gets completed on September 20, 2013, in that case pre -construction Interest is taken from December 2010 to March 2013and deduction will be allowed from FY 2013-14.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS on Consultancy- Non DTAA
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Reopen of assessment proceeding
- Depreciation of fixed assets- coop housing society in mumbai
- Management System (IMS)
- Condonation . E-Verification of last year return .
- Eway bill generation from place other than registeted
- TDS Return Q1 FY 2026-27
- Rental income gst and it purpose
- Query – TDS on purchase of land from NRI under Income-tax Act, 2025
- EPF FULL & FINAL RULES IN 2026
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
