Interest on housing loan

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

25 July 2016 Hello Dear frnds,

Construction of my house started in November-2015 and completed on 15-March-2016 and during this period i paid Interest on Hsg loan amounting Rs.38,890/-. So kindly let me know to which extent i can claim the interest so paid in my return of income for A.Y.2016-2017.

Amol S Joglekar

Amol S Joglekar (Expert)

26 July 2016 1/5 of pre construction period..... each year for 5 years starting from the year in which construction is completed. i.e. financial year 2015-16 in your case

Querist : Anonymous

Querist : Anonymous (Querist)

26 July 2016 But construction of my house was completed in the same assessment year i.e within six months. so what would be the pre construction period? construction started on 15.11.15 and completed on 16.03.2016.

Amol S Joglekar

Amol S Joglekar (Expert)

26 July 2016 any period prior to 16/03/2016 is pre construction period......
(If you are thinking of claiming full interest, that may NOT be correct.. .... .although no one may ask you for the same and it will get processed also.)

Querist : Anonymous

Querist : Anonymous (Querist)

27 July 2016 Thanks a lot sir for your quick reply

Amol S Joglekar

Amol S Joglekar (Expert)

27 July 2016 you are most welcome

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