Interest on loan deduction
This query is : Resolved
15 June 2017
took loan for construction of a house last year. construction is still in progress and partly loan amount is repaid but person who has taken loan still doesn't have possession of house. can he claim deduction of interest on loan and principal repayment under income tax act?
15 June 2017
Deduction available only after construction completed, before that deduction cannot be availed
15 June 2017
what if the assesse doesn't get possession even after completion of construction..then can he claim deduction without having possession
15 June 2017
My view. section states about the completion of construction. If you get the construction completion certificate from builders, you are eligible for deduction
15 June 2017
Ownership / deemed ownership is necessary for claiming deduction for interest u/s. 24(b).
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
- CAPITAL GAIN BASE ON NOTIFICATION
- Taxable or Tax exempt
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- TDS Deducted AY-2013-14 Not Reflected in 26as
- ADVANCE PAYMENT OF ADVOCATE
- Demand Outstanding AY 2013-14 TDS Deducted not shown in 26as
- DIN reactivation
- REGARDING ANNUAL RETURNS FILLINGS OF A COMPANY INCORPORATED ON 28.03.2025
- Eway bill generation from place other than registeted
- CREDIT NOTES WITHOUT GST
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
