Interest on housing loan

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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)

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)

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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