Interest on borrowed capital

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 March 2013 Sir,

I have two properties. one is SOP and another is LOP. The LOP is on rent from Feb 2013 @ 14000 pm. I have paid the interest on LOP property of Rs 3,10,000/-.

my query is whether full interest of Rs 3,10,000/- can be claimed as deduction or pro rata deduction of 10 months will be allowed.

Thanks

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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26 March 2013 Yes, you can claim full amount of interest as deduction i.e Rs.3,10,000.

OM SAI SRI SAI JAI JAI SAI

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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26 March 2013 If such interest of Rs. 3,10,000 is related to the F.Y 2012-13 only then you can claim full amount of interest as deduction.

In case on that amount of interest is any pre-construction period interest i.e interest Interest upto 31-3-2012 from the date of loan is included then please give the break up of the interest amount and the year of interest realated in this case the eligibility of deduction changes.

OM SAI SRI SAI JAI JAI SAI

Querist : Anonymous

Querist : Anonymous (Querist)

26 March 2013 Thank you sir

Interest amount is related to FY 12-13 only.

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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26 March 2013 Then you can claim entire interest for F.Y 2012-13.

OM SAI SRI SAI JAI JAI SAI

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