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Interest on loan for house property loan ( urgent)

This query is : Resolved 

17 February 2012 Dear Sir,madam

I want to ask following sume queries.

I have brought Last year Land by taking loan and interst has been paid and this year also interest is being paid there on. Is it allowable as duduction in INcome tax and this year on same land we are being consturcted and agst this another loan has been borrowed. interest on this loan. Is also claimed in this year or not .

Kindly explain it

17 February 2012 Interest can be claimed only after complition of house. Interest is allowable for both i.e for purchase of land and for construction cost.

Regards,

CA Sandeep Agagrwal

17 February 2012 Interest can be claimed as deduction only after the completion of construction.

The interest for the construction period (known as pre construction period) shall be allowed as deduction in 5 equal instalments from the year in which the construction was completed.



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