House Property Interest

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This query is : Resolved

Sukanta Das (Querist)

30 April 2009 sir,
I have purchase land through Loan for Construction of House,but now i did not constructed the House and i am repaying the loan of my with interest.
can i Interest benifite u/s 24b and Principal Benifite u/s 80C.
please confirm.

CA Tilak Raj Sharma

CA Tilak Raj Sharma (Expert)

30 April 2009 Interest u/s 24b cannot be allowed as there is no house. however principal repayment will be qualified u/s 80C.

Sukanta Das

Sukanta Das (Querist)

30 April 2009 sir,
after complition of home,land interest have to exemption or not

Manmohan ACA, CS

Manmohan ACA, CS (Expert)

01 May 2009 Interest on house property for pre- construction period shall be allowed( in 5 equal installments) for the period during which the construction was in process. If the land was lying vacant and no construction was carried on it , interest for the period shall not be allowed

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