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This query is : Resolved

prasad (Querist)
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23 July 2012 Please provide the solution,I need to submit it within two days:
My mail id is prasad.rajdhar@tcs.com

Arvind commenced construction of a residential house intended exclusively for
his residence, on 1.11.2009. He raised a loan of `5,00,000 at 16 per cent interest
for the purpose of construction 1.11.2009. Finding that there was an over-run
in the cost of construction he raised a further loan of `8,00,000 at the same rate
of interest on 1.10.2010. What is the interest allowable under section 24, assuming
that the construction will be completed by 31.3.2012?

CA.Sourabh Sethia

CA.Sourabh Sethia (Expert)
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24 July 2012 Interest allowable Rs.35467/-
for 5 years

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prasad

prasad (Querist)
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24 July 2012 thank you sourabh.
can u plese provide me detailed steps to solve the above problem ?

CMA Nishad Patkar

CMA Nishad Patkar (Expert)
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24 July 2012 Dear prasad

Calculation is as under:

For First 5 Lakhs-- Period from 01/11/2009 to 31/03/2011 @16%--> 133333
For 8 Lakhs--- Period from 01/10/2010 to 31/03/2011 @ 16%--- > 64000

Total---> 177333
For 5 AY---: 35467 Per Year incepting from FY- 2011-12

CA.Sourabh Sethia

CA.Sourabh Sethia (Expert)
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25 July 2012 mr. Nishad Prasad is absolutely Right

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