Interest deduction under house property
This query is : Resolved
24 December 2013
Loan was taken against under-constructed property of a builder and the builder took six years to complete the project. Please advice on the below points in relation to above:-
1) whether interest of pre-constructed is allowed even if construction completion time taken by builder is of six years;
2) If the owner sold the property within five years of possession, whether the balance pre-constructed period interest is allowable or treated as non-recoverable.
1) whether interest of pre-constructed is allowed even if construction completion time taken by builder is of six years;
2) If the owner sold the property within five years of possession, whether the balance pre-constructed period interest is allowable or treated as non-recoverable.
28 December 2013
it depends on nature of property. if property is self occupied then deduction of interest will not be allowed but if it is let out then the same will be allowed. further if property is sold you will repay the loan hence no further interest will be there.
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
- Section 194JA & JB Income which ITR Form to use
- Pass word to open justification report for Q1 for FY 2026-27
- PPF interest-As Exempt Income disclosure
- Under construction property in ITR
- Scrutiny and reopening of past returns
- Booth for sales promotion
- Upload Level ValidationITR3Category of Defect B/D
- Building tax payment deduction in rental Income
- F & O PROFIT REPORTING FOR AY 2026-27
- Difference in GSTR3B system generated which is correct and actual Payment it asks
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
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
