Interest on loan taken for construction of house property

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31 January 2012 Please explain if deduction under section 24 can be availed in respect of loan taken for it's construction if House property is self occupied.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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31 January 2012 Yes, interest on loan is allowed as deduction irrespective of the fact whether the house property is self occupied or let out.

However, the maximum deduction allowable is Rs. 1.5 lakhs in case of self occupied property.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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31 January 2012 For Example- Loan taken on 10.05.2010.
Construction Completed on 12.12.2012.

1. Interest from 10.05.2010 to 31.03.2011 can be claimed in 5 equal installments starting from AY 2013-14.

2. Interest from 1.4.2012 to 31.03.2013 can be claimed as current interest.

3. (1+2) is allowable upto 1.50 lacs in the case of SOP.

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