Income from house property
This query is : Resolved
06 November 2011
My friend has booked a residential flat in October,2008. He got the possesion of flat in january,2010. He had paid interest of Rs.20 Lacs on housing loan till possesion. His emi is Rs.1.9 lacs which consist an interest of Rs.1.5 lacs. In F.Y.2009-10( A.Y.2010-11) and F.Y.2010-11 (A.Y.2011-12) he claimed deduction of Rs.1.5 lacs due to cap of the same and did not consider pre-possesion interest since the property was self occupied. Now he has let out the property in F.Y.2011-12. In this scenario can he claim part of pre-possesion interest over and above the actual interest to be paid in F.Y.2011-12 ? If so then how much he can claim and till when ?
06 November 2011
Interest till 31.03.2009 has to be considered
Interest from 1.4.2009 to possession date is treated as current interest.
You can claim current interest as well as 1/5th of the accumulated interest.
Interest from 1.4.2009 to possession date is treated as current interest.
You can claim current interest as well as 1/5th of the accumulated interest.
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