INCOME FROM HOUSE PROPERTY.
This query is : Resolved
03 October 2009
Dear sir/madam
please suggest me that what is the provision regarding deduction of interest on loan taken for construction of self occupied house property. please cleare that "house property must be complited within three years" what will happen if house is not complited within three years ?
please suggest me that what is the provision regarding deduction of interest on loan taken for construction of self occupied house property. please cleare that "house property must be complited within three years" what will happen if house is not complited within three years ?
03 October 2009
If house property is not constructed/ completed in 3 years, pre constructional Interest shall NOT be allowed
03 October 2009
https://www.caclubindia.com/forum/messages/2009/10/50265_interest_on_loan_or_borrowed_capital_u_s_24_b_.asp
03 October 2009
Interest on borrowed capital is deductible on accrual basis.
If the house is completed with in 3 years from the end of the FY in which the loan is taken you can claim deduction of interest upto Rs.1,50,000.
If the house is not completed within 3 years you can claim interest only upto Rs. 30,000 as deduction.
Pre construction period interest will be allowed irrespective of period of completion of construction/purchase.
If the house is completed with in 3 years from the end of the FY in which the loan is taken you can claim deduction of interest upto Rs.1,50,000.
If the house is not completed within 3 years you can claim interest only upto Rs. 30,000 as deduction.
Pre construction period interest will be allowed irrespective of period of completion of construction/purchase.
03 October 2009
Agree with Mr. Sreedhar.
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