Interest benefit on house loan
This query is : Resolved
27 November 2014
I had one self occupies res. house & purchase a second house which wll be rented after completion.
Now i wish to borrow housing loan in this
F.Y:14-15 & will any body advice is there any limit of three year for the completion & possession of house by builder so as to take benefit of interest deductible .
Now i wish to borrow housing loan in this
F.Y:14-15 & will any body advice is there any limit of three year for the completion & possession of house by builder so as to take benefit of interest deductible .
27 November 2014
There is no such time limit to claim interest on housing loan for deduction.If the house is under construction, the interest on housing loan till the completion can claimed in 5 equal installments after the house is taxable under Income from house Property.
27 November 2014
if you buy ready to move house then period limit not applicable on your case.
27 November 2014
NO THE HOUSE IS UNDER CONSTRUCTION & AS PER
BUILDER THEY WILL GIVE POSSESSION IN JAN -18. SO IF WE TAKE THE HOUSING LOAN IN FY: 14-15 & SUPPOSE THE BUILDER DELAYED IN GIVING THE POSSESSION & IF WE WERE GIVEN THE POSSESSION AFTER MARCH 18 , THEN WILL U PL CLARIFY WHETHER WE WILL GET THE INTEREST BENEFIT ?
BUILDER THEY WILL GIVE POSSESSION IN JAN -18. SO IF WE TAKE THE HOUSING LOAN IN FY: 14-15 & SUPPOSE THE BUILDER DELAYED IN GIVING THE POSSESSION & IF WE WERE GIVEN THE POSSESSION AFTER MARCH 18 , THEN WILL U PL CLARIFY WHETHER WE WILL GET THE INTEREST BENEFIT ?
27 November 2014
Interest on borrowed capital can be claimed in the fin yr 18-19 if the house is completed in year 2018. Interest till such period will be compounded and claimed within 5 years from 2018
27 November 2014
thanks for your reply.
Acc to u there is no peroid limit & whenever we get the possession we can claim the interest benefit of that current year + 1/5 of preconstruction period .
pl confirm .
Acc to u there is no peroid limit & whenever we get the possession we can claim the interest benefit of that current year + 1/5 of preconstruction period .
pl confirm .
28 November 2014
yes.
you are right.
you are right.
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
- About TDS & Income Tax
- Scrutiny and reopening of past returns
- Tax on Deemed Capital Gain
- F & O PROFIT REPORTING FOR AY 2026-27
- Booth for sales promotion
- Type of Capital Gain
- Regarding ITR filing with more value than showing in AIS/TIS
- Can partnership firm show income under 44ad
- Banking Related Issue
- Rental income of jointly held property
- Difff in ais receipts and gst turnover
- ITR-3 File/Error Found
- Exiting partner in partnership firm in gst portal
- Taxability of credit in canara bank ET & T section (NRO)
- Consequences of Non-Deduction of TDS under Income Tax???????????????
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
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
