Interest on housing loan

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

24 December 2014 DEAR EXPERTS,

I HAVE TAKEN LOAN FOR CONSTRUCTION OF MY HOUSE ON F.Y. 2013-14 OF RS. 9,00,000/- AND CONSTRUCTION IS COMPLETED IN F.Y. 2014-15. NOW I WANT TO KNOW, HOW TO CALCULATE HOUSING LOAN INTEREST 20% IN 5 INSTALLMENTS. STARTS FROM WHICH YEAR I.E. F.Y.13-14 & 14-15 TOTAL INTEREST WILL IT DIVIDED BY 5 AND FIRST INSTALLMENT WILL HAVE TO TAKEN IN F.Y. 14-15 OR NOT ??

KINDLY CLARIFY ME

THANKS

Ketan Shah

Ketan Shah (Expert)
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25 December 2014 Please follow the following steps:
1. Obtain the pre emi interest from bank and statement of the said interest.
2. Divide the amount equally into five years.
3. Claim 1/5th of interest every year after construction of house.

Rupesh Jain

Rupesh Jain (Expert)
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25 December 2014 you can take intt on loan paid by you till 31.3.2014. it consider as intt for preconstruction and take 1/5 each year deduction u/s 24(b). in 2014-15 completion of house then you claim all intt. as normal intt. for installment you can claim u/s 80C.

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