House property -loan taken

This query is : Resolved

rohit (Querist)
Follow

15 January 2013 I HAVE TAKEN LOAN FROM CO-OPERATIVE BANK FOR CONSTRUCTING A ROOM IN PLACE OF CAR GARAGE IN JAN 2013 & CONSTRUCTION OF ROOM WILL BE COMPLETED IN MARCH 2013
WHEN DEDUCTIONS WILL BE CLAIMED?
1} IF REPAYMENT STARTS IN MARCH 2013
2} IF REPAYMENT STARTS FROM APRIL 2013

CA Ashish Joshi

CA Ashish Joshi (Expert)
Follow

15 January 2013 Total installment paid during the preceeding year will be allowed to you under different heads of Income.

1) Interest portion upto Rs.1,50,000 p.a. will be allowed as deduction under Income from House property.

+

2) Principal amount paid shall be allowed under sec.80C Deductions.

Regards,
CA Ashish Joshi
Contact : 9998001183

rohit

rohit (Querist)
Follow

15 January 2013 IF IT IS TAKEN ROM CO-OPERATIVE BANK, THEN

Upgrade to CAclubindia Pro. Subscribe Now!

rohit

rohit (Querist)
Follow

15 January 2013 WHEN IT WILL BE CLAIMED