INCOME FROM HOUSE PROPERTY.
This query is : Resolved
VINAYAK KUMAR
(Querist)
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 ?
Manmohan ACA, CS
(Expert)
03 October 2009
If house property is not constructed/ completed in 3 years, pre constructional Interest shall NOT be allowed
Manmohan ACA, CS
(Expert)
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.
Ratan Sharma
(Expert)
03 October 2009
Agree with Mr. Sreedhar.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- MSME disclosure and disallowance
- Taxation of crypto futures in India Fy 2026- 2027
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Issuing of delivery challan by seller of goods
- EPF ECR NEW RULES Sep 17th 2026
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
