Income from house property
This query is : Resolved
Mayur Kulkarni
(Querist)
20 May 2013
I have following 2 queries:
1. Interest on pre-construction period i.e. before possession of flat is allowed only 1/5th of total amount. So what about principal component?
2. Also, if a person is living in rented house property and is paying interest on borrowed capital for own property situated in same city or another city then is he eligible for claiming HRA exemption and Interest on house property?
1. Interest on pre-construction period i.e. before possession of flat is allowed only 1/5th of total amount. So what about principal component?
2. Also, if a person is living in rented house property and is paying interest on borrowed capital for own property situated in same city or another city then is he eligible for claiming HRA exemption and Interest on house property?
Suresh Mittal
(Expert)
20 May 2013
1. Deduction u/s 80C for repayment of Principal amount is available for period only after the completion/possission.
2. Yes the assessee would be entitled for both the benefits.
2. Yes the assessee would be entitled for both the benefits.
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