Interest on housing loan

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

25 July 2012 Can one take benefits of interest paid on housing loan before taking possession or during the period of construction of house?

CA Chandrasekaran.S.R

CA Chandrasekaran.S.R (Expert)
Follow

25 July 2012 Yes in 5 equal instalments from the year following the year of completion of the property

Message likes : 1 times

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
Follow

04 August 2012
(vi) Where the property has been acquired, constructed, repaired, renewed or reconstructed with borrowed capital, the amount of any interest payable on such capital;

Explanation : Where the property has been acquired or constructed with borrowed capital, the interest, if any, payable on such capital for the period prior to the previous year in which the property has been acquired or constructed, as reduced by any part thereof allowed as a deduction under any other provision of this Act, shall be deducted under this clause in equal instalments for the said previous year and for each of the four immediately succeeding previous years;

Message likes : 1 times

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

ASHOK KUMAR TEKURU

venkateswara reddy

Adesh Mahajan

CA TARUN JINDAL

Chaitanya Voolla

Subscribe Now

Interest on housing loan

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Accountant

CA Final

Article Assistant

GST CONSULTANCY

GST CONSULTANT