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Interest on loans

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(Querist)
25 December 2008 What is the criteria for claiming interest deduction upto 1.5 lacs on self occupied property.
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CA RAMESH KUMAR AHUJA

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CA RAMESH KUMAR AHUJA (Expert)
26 December 2008 In case intt is payable on the housing loan availed for a self occupied house then interest upto 1.5 lac can be claimed under the head of Income From House Property.
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Jairam

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Jairam (Querist)
26 December 2008 What if I avail loan on or after 1.4.99 and the construction is completed after 31.3.2008?
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
26 December 2008 Deduction up to 1.5 lakhs can be claimed provided such a house has been acquired or constructed with capital borrowed on or after 1/4/1999 and such acquisition or construction is completed with in 3 years from the end of the fin year in which capital is borrowed (applicable in relation to asst year 2003-04 and subsequent years)
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Jairam

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Jairam (Querist)
26 December 2008 Thanx.
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