Interest on loans

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Jairam

Jairam (Querist)

25 December 2008 What is the criteria for claiming interest deduction upto 1.5 lacs on self occupied property.

CA RAMESH KUMAR AHUJA

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.

Jairam

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?

Bhaskaran Chackrapani Warrier

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)

Jairam

Jairam (Querist)

26 December 2008 Thanx.

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