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Pre-construction interest

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Querist : Anonymous

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Querist : Anonymous (Querist)
08 November 2013 Can Pre-construction interest be claimed if house property is sold within 5 years?
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
08 November 2013 When one starts claiming 1/5th of interest after the completion of construction, it is claimed against the income from the property. After selling the property, the condition precedent U/s 22 as regards ownership - can not be complied. In the absence of property, the deduction U/s 24 can not be claimed.
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Alternatively, the unclaimed interest can better be treated as part of the cost/ improvement cost and may be claimed.
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