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housing loan interest deducted

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Querist : Anonymous

Querist : Anonymous (Querist)

16 February 2010 Dear friends, i am confused about which is the maximum amount of housing loan interest deducted also the construction period is not finised. total amount of interest paid Rs.106953 and total repayment of loan is Rs.65008 for A/y 2009-10. pls tell me the soloution

CA Chitresh Gupta

CA Chitresh Gupta (Expert)

16 February 2010 In such a case Interest paid/ payable for the period prior the previous year in which property is acquired or constructed will be aggregated and allowed in five successive FYs stating with the year in which the aquistion/ constrcution was completed. Interest will be aggregated from the date of borrowing till the end of previous year in which the house is completed and not till the date of completion of constuction.

As regards Principal repayment, the same will be allowed under section 80C subject to maximum ceiling of Rs 100000 /-

Regards

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