Pre-construction interest
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 August 2013
Sir,
Rs. 5 L, I had pre-construction interest available for rebate. I availed 2 L in first two years and in third year of possession I would like to sell the property. Should the pre-construction interest in total (i.e. Rs.3 L) be claimed in as interest on borrowed capital u/s 24 of Income from House property or cost of acquisition of property and reduced from the capital gain, if any.
Can anybody help me out for right treatment as per income tax return point of view.
Rs. 5 L, I had pre-construction interest available for rebate. I availed 2 L in first two years and in third year of possession I would like to sell the property. Should the pre-construction interest in total (i.e. Rs.3 L) be claimed in as interest on borrowed capital u/s 24 of Income from House property or cost of acquisition of property and reduced from the capital gain, if any.
Can anybody help me out for right treatment as per income tax return point of view.
14 August 2013
PRE-CONSTRUCTION int is not allowed to be shown as borrowed capital u/s 24 if in between u sell the property.
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