Interest deduction under home loan
This query is : Resolved
12 March 2009
i took a loan for 75 lacs for construction on April,2008 and started construction from same month and paying EMI from April,2008 onwards to bank.
Can i claim interst paid for Rs. 150000/- on loan as deduction u/s 24(b) for the FY 2008-2009 as construction is still going on?
Can i claim interst paid for Rs. 150000/- on loan as deduction u/s 24(b) for the FY 2008-2009 as construction is still going on?
12 March 2009
you can claim interest deduction for the current year on the outstanding amount of loan but not Pre-construction period interest because still construction is going on.
15 March 2009
WILL YOU CONSTRUCTION GET OVER / PROPERTY READY FOR OCCUPATION ON OR BEFORE 31.03.2009 IF YES THEN YOU CAN CLAIM INTEREST IN THIS YEAR ELSE YOU WILL HAVE TO ACCUMULATE YOUR INTEREST TO BE CLAIMED IN 5 EQUAL INSTL STARTING FROM WHEN THE HOUSE IS COMPLETE READY FOR OCCUPATION & INT FOR THE YEAR IN WHICH CONST. IS COMPLETED WILL ALSO BE CLAIMED AT FULL IN THE SAME YEAR ALONG WITH 1st INSTL OF ACCUMULATED INT.YEAR
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