Income tax under 24(b)
This query is : Resolved
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
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
(Expert)
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
OM SAI SRI SAI JAI JAI SAI
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