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.
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
- Tax on Deemed Capital Gain
- CLOSING STOCK QUERY
- Exiting partner in partnership firm in gst portal
- Type of Capital Gain
- Rent claimed on building given on permissive possession basis
- CASH GIFT FROM BLOOD RELATIVE
- TDS offline utility
- Due Date Clarity
- Applicability of Books of Account for Commission Income (Sections 194D & 194H)
- Grand in aid
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
- TDS on property - Form 141 query
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
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
