income from house property
This query is : Resolved
19 March 2011
A borrowed 10,00,000@ 12% p.a on 1-4-2000
for construction of house property which was completed on 15-3-2005. the amount is still unpaid.the deduction of interest for previous year 2010-11 shall be?
in this problem my doubt is the pre - construction period is completed up to 2009 - 10
soo wat is abt deduction????
the answer given in the book is 2,16,000
for construction of house property which was completed on 15-3-2005. the amount is still unpaid.the deduction of interest for previous year 2010-11 shall be?
in this problem my doubt is the pre - construction period is completed up to 2009 - 10
soo wat is abt deduction????
the answer given in the book is 2,16,000
19 March 2011
as early as possible reply me pls
22 March 2011
Pls. note that the pre construction period intt. will be allowed in equal 5 istallment starting from the year in whcih construction is completed, therefore the preconstruction period is 4 years and intt, is Rs. 480000/5 = 96000 and whole year intt. is Rs. 120000/- than total intt. is Rs. (120000+96000) = 216000
24 March 2011
Hi,
The Claim of Pre- Construction Interest should end by 31/03/2009.
For the Ayr 2010-11, i.e Pyr 2009-10 ending on 31/03/2010 there cannot be any claim for Pre-Constuction Interest.
Therefore for Pyr 2009-10 ending on 31/03/2010 only Current year Interest of Rs.120000 will be allowed as a deduction & not Rs216000.
I beg to differ with the Text book Answer & the workings given by the Above Expert.
Thank you,
Regards
CA. Lohith. J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons
The Claim of Pre- Construction Interest should end by 31/03/2009.
For the Ayr 2010-11, i.e Pyr 2009-10 ending on 31/03/2010 there cannot be any claim for Pre-Constuction Interest.
Therefore for Pyr 2009-10 ending on 31/03/2010 only Current year Interest of Rs.120000 will be allowed as a deduction & not Rs216000.
I beg to differ with the Text book Answer & the workings given by the Above Expert.
Thank you,
Regards
CA. Lohith. J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons
25 March 2011
exacty my doubt is also same
i agrred with the answer 120000
thnaks sir
i agrred with the answer 120000
thnaks sir
25 March 2011
agreed frnd. i have not read the question exactly which was asked.
Sory
Sory
26 March 2011
Hi,
You are welcome,
If you have any issues, please do join my community " Lo Aca " so that there are other partners of mine who would be able to assist you to resolve your doubts.
Thank You,
Regards
CA. Lohith. J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons
You are welcome,
If you have any issues, please do join my community " Lo Aca " so that there are other partners of mine who would be able to assist you to resolve your doubts.
Thank You,
Regards
CA. Lohith. J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons
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 Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- Unregistered suppliers utility
- Difference between Date of Payment and Date of Deduction?
- ITDS U/S.194T of Firm
- GST Rate for Catering Services
- Journal entry of busniess expenses
- Cash balance limit and property purchases limit
- Non-Compliance documents have not been submitted by the contractors debited
- EXPORT COMMERCIAL INVOICE HSN CODE
- Bank details not Visible on Traces Portal
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
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
