Income tax under 24(b)

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M A Shah (Querist)
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12 March 2012 Sir, in the year 201 , I have borrowed (Interest Bearing) Capital From a private individual for the purpose of construction of a house property. And the same is under construction as on date.
CAn I Claim the interst payable by me, as per the terms of borrowed capital as deductions under 24(b) of the Act or otherwise. I am salaried Govt Employee

M A Shah

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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12 March 2012 Interest accrued during the period of construction could be claim in five equal installments from the year of completion of the construction of the property along with the accrued interest for such year.
OM SAI SRI SAI JAI JAI SAI

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