Interest on house building loan
This query is : Open
19 December 2013
AN EMPLOYEE IS STAYING IN RENTED HOUSE.
HE HAS TAKEN A LOAN FROM BANK. BANK CERTIFICATE GIVEN FOR PRINCIPAL AND INTEREST FOR 2013-14. ONLY INTEREST IS DEDUCTED FOR THE YEAR.
CAN HE CLAIM DEDUCTION UNDER SEC 24(B) FOR LOSS ON HOUSE PROPERTY I.E. RS 150000.00 AND REBATE UNDER SEC.80C FOR PRINCIPAL AMOUNT REPAYMENT.
HOUSE IS NOT COMPLETED AND NOT SELF OCCUPIED TILL 2013-14. IT WILL TAKE TIME TO BE COMPLETION OF HOUSE AND POSSESSION THEREOF.
HE HAS TAKEN A LOAN FROM BANK. BANK CERTIFICATE GIVEN FOR PRINCIPAL AND INTEREST FOR 2013-14. ONLY INTEREST IS DEDUCTED FOR THE YEAR.
CAN HE CLAIM DEDUCTION UNDER SEC 24(B) FOR LOSS ON HOUSE PROPERTY I.E. RS 150000.00 AND REBATE UNDER SEC.80C FOR PRINCIPAL AMOUNT REPAYMENT.
HOUSE IS NOT COMPLETED AND NOT SELF OCCUPIED TILL 2013-14. IT WILL TAKE TIME TO BE COMPLETION OF HOUSE AND POSSESSION THEREOF.
19 December 2013
No it is pre-construction EMI. The actual possession or completion certificate will entitle him to take the benefit. He can accumulate this interest and later on possession can claim it.
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
