interest on capital borrowed
This query is : Open
MANMEET SINGH
(Querist)
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
CMA Ramesh Krishnan
(Expert)
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
MANMEET SINGH
(Querist)
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 ?
MANMEET SINGH
(Querist)
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 ?
rathish kumar.c.c
(Expert)
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
MANMEET SINGH
(Querist)
26 August 2010
could u plz clarify referring to question 72-p4 of singhania book
CMA Ramesh Krishnan
(Expert)
26 August 2010
I think for house construction shuold complete with in 3 years from starting of construction claiming Interest
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
- Tax on Amount transferred in HUF Account
- Nursery business
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- TDS on Dashcam rent and allied services
- Working on Gold wastage during Melting of old gold jewellery
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Intimation under section 245
- GST input credit on commercial property
- ETDS return q4 25-26
- Section 269ST applicability for capital introduced by partner to his partnership firm
- GSTR-9C filing
- Royalty payments to the Mining Department for procurement of murum - GST input
- HOW TO ADJUST CREDIT NOTE AMOUNT ?
- Import Order Cancelled.
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
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
