House property and interest
This query is : Resolved
CA. Praveen Narayan
(Querist)
20 November 2010
Dear Frndz..
In the case of self occupied house property, interest is limited to Rs. 150,000 or Rs. 30,000 as the case may be.
U/s 24, interest up to the year of completion of construction is to be claimed in 5 equal instalments.
my doubt is, whether, in the case of self occupied property, it is permissibl to claim pre renovation interest before completion of renovation?
In the case of self occupied house property, interest is limited to Rs. 150,000 or Rs. 30,000 as the case may be.
U/s 24, interest up to the year of completion of construction is to be claimed in 5 equal instalments.
my doubt is, whether, in the case of self occupied property, it is permissibl to claim pre renovation interest before completion of renovation?
B R Ramesh
(Expert)
20 November 2010
Hi
the word U/s 24 Pre- Construction Period or Pre Renovation period are one and the same.
hence Interest of pre construction period in five equal instalments. the first instalment is deductible in the year in which construction of property is compleated or in which property is acquired. For the purpose " Pre - Construction period" means the period commencing on the date of borrowing and ending march 31 immediately prior to the date of compleation of constructioin/date of acquisition or date of repayment of loan,which is earlier.
the word U/s 24 Pre- Construction Period or Pre Renovation period are one and the same.
hence Interest of pre construction period in five equal instalments. the first instalment is deductible in the year in which construction of property is compleated or in which property is acquired. For the purpose " Pre - Construction period" means the period commencing on the date of borrowing and ending march 31 immediately prior to the date of compleation of constructioin/date of acquisition or date of repayment of loan,which is earlier.
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