Income from self occupied house property

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Subhrajit Bhattacharjee (Querist)
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21 September 2012 A loan was taken to construct a house property but it couldn't be completed within 3 yrs. That means maximum deduction of Rs. 1,50,000 won't be available. Will the minimum deduction of Rs. 30,000 be available in this case?
Thank you sir.

CA.Ganesh

CA.Ganesh (Expert)
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21 September 2012 Yes, you can deduct 30,000

Subhrajit Bhattacharjee

Subhrajit Bhattacharjee (Querist)
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21 September 2012 Then sir plz help me with this question:
Construction started - 1.11.2005
Loan of Rs. 5,00,000 taken at 16%p.a. on 1.11.2005. Construction completed on 31.3.2012.
What will be the pre construction period interest?

Amol S Joglekar

Amol S Joglekar (Expert)
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21 September 2012 Get the interest certificates from the concerned BANK/Financial Instituion. Interest till 31/03/2012 shall be pre construction period interest

Subhrajit Bhattacharjee

Subhrajit Bhattacharjee (Querist)
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21 September 2012 Sir i am a student

Amol S Joglekar

Amol S Joglekar (Expert)
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21 September 2012 student is not restrained from getting a loan certificate. Anyway.... calculate in that case at simple interest basis. Do not try to go by EMI kind of formula if you are into intermediate level.

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