interest on capital borrowed
This query is : Open
24 August 2010
X borrowed 106000@21% interest on 10 march 1999(date of repayment 16 jan 2008:date of completion of construction 6 march 2004. plz clarify what will be the amounnt of deduction available ? plz its urgent
25 August 2010
what ever interest paid up to March 2004 is pre construction interst can be claimed in five equal annual instalment
normal interest is Rs.150000 or actual which ever is lower incase of SOP and Actual interest incase of LOP, from the FY 2004-05 onwards
normal interest is Rs.150000 or actual which ever is lower incase of SOP and Actual interest incase of LOP, from the FY 2004-05 onwards
25 August 2010
but the capital is borrowed before 1 april 1999 and the construction is also completed after 3 yrs fromt he endd of the financial year in which the capital is borrowed. so in this case what will be the amount of deduction ?
25 August 2010
but the capital is borrowed before 1 april 1999 and the construction is also completed after 3 yrs fromt he endd of the financial year in which the capital is borrowed. so in this case what will be the amount of deduction ?
25 August 2010
interest upto 06.03.2004 can be deducted in 5 installments as pre-construction period interest, interest after 06.03.2004 can be availed as sop ans let out as the case may be
26 August 2010
could u plz clarify referring to question 72-p4 of singhania book
26 August 2010
I think for house construction shuold complete with in 3 years from starting of construction claiming Interest
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