Interest on housing loan u/s 24
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 December 2012
Example:-
R book a flat in residential appartment on jan.2012 take a housing loan. Time to completion the flat will be 2yrs i.e jan.2014.
Question=Interest paid during construction period is allowed as deduction u/s 24 in the year of interest paid itself or claim as deduction in 5 installments after giving possession of flat?
Give answer according to the Income tax Act and in regular practice of CA, both.
R book a flat in residential appartment on jan.2012 take a housing loan. Time to completion the flat will be 2yrs i.e jan.2014.
Question=Interest paid during construction period is allowed as deduction u/s 24 in the year of interest paid itself or claim as deduction in 5 installments after giving possession of flat?
Give answer according to the Income tax Act and in regular practice of CA, both.
08 December 2012
The interest for pre - construction period will be allowed in 5 equal installment starting from the year of completion.
Message likes :
1 times
08 December 2012
Agree with CA Manish..
The law allows you to get deduction from the year in which it is capable of being generating revenues. you will be eligible for deduction from the year of construction in equal five instalment for five years
The law allows you to get deduction from the year in which it is capable of being generating revenues. you will be eligible for deduction from the year of construction in equal five instalment for five 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
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GSTR-1A How to update Invoice
- Excess salary payment.
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- TDS on Purchase of Immovable Property by NRI from NRI
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- Capital gain from sale of house property
- Stamp Paper for partnership firm change new income tax 2025
- SFT Cash Deposit in Current Account
- When TDS on GST applied
- Before GSTAT- APL-02 Vs APL-04
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
