Interest on Borrowed Capital
This query is : Resolved
03 March 2009
Dear All,
Ms.X has obtained Housing Loan for Construction of Property. The Property is neither let Out nor Self Occupiedt(the Construction is under progress). How should the Interest on Loan and the Principal Repayment be treated in her IT Returns. Can the Interest and the Principal be claimed as Deduction. If yes, what is the quantum of deduction.
Ms.X has obtained Housing Loan for Construction of Property. The Property is neither let Out nor Self Occupiedt(the Construction is under progress). How should the Interest on Loan and the Principal Repayment be treated in her IT Returns. Can the Interest and the Principal be claimed as Deduction. If yes, what is the quantum of deduction.
03 March 2009
Interest Deduction will be allowed under the Head Income from HP as provided u/s 24(b) i.e. when house property gets completed he will get the pre interest deduction for five consecutive year starting from the PY in which house was constructed.
and for Principal repayment assesee is eligible for getting deduction u/s 80C irrespective of fact whether Construction is completed or not.
and for Principal repayment assesee is eligible for getting deduction u/s 80C irrespective of fact whether Construction is completed or not.
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