Interest On Housing Loan U/s.24
This query is : Resolved
Sanjeev Kumar
(Querist)
03 April 2008
I am a member of housing society.I have taken loan for payment of construction cost to society.Subsequently,I obtained loan from employer & repaid the bank loan.I have paid Interest of Rs.50000 during the period 01-04-2005 to 31-3-2007.Further I have paid Rs.25000 as interest for the period 01-04-2007 to 31-03-2008.Allotment letter was issued by society in Sep-07.However possession was yet not been given.
Can I Claim deduction U/s.24 in the F.Y-2007-08 for interest paid & 1/5th of interest for earlier years.
Can I Claim deduction U/s.24 in the F.Y-2007-08 for interest paid & 1/5th of interest for earlier years.
Gayathri Devi
(Expert)
10 April 2008
Yes you claim the interest as deduction u/s 24 because interest can be claimed under accrual basis.
SANDEEP AGGARWAL
(Expert)
13 April 2008
You can claim only after possession is given to you. unless you occupied the property you can not claim ded u/s 24
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