Pre construction interest on loan
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 July 2012
Sir
I have taken house Loan of Rs 500000 during April'11 for purchase of new house and last year i paid around Rs 44,000 interest on it upto March'12.I shifted in the house during Dec'11 but the possession certficate was officially handed over in March'12.
For Income tax return shall i be eligible to claim of total interest or one fifth of it? Pls help.
I have taken house Loan of Rs 500000 during April'11 for purchase of new house and last year i paid around Rs 44,000 interest on it upto March'12.I shifted in the house during Dec'11 but the possession certficate was officially handed over in March'12.
For Income tax return shall i be eligible to claim of total interest or one fifth of it? Pls help.
CA PARAS BAFNA
(Expert)
21 July 2012
You can claim full interest as possession has been received by you in March 12 itself.
.
.
Message likes :
1 times
21 July 2012
Dear Friend, since the amount of interest has been paid in the same financial year in which possession has been acquired. Then you can get benefit of whole amount of interest paid against the loan. You can claim Rs. 44000/- as interest paid on loan. Thanks
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Gst credit note by supplier
- Movement of goods by packers and movers - type of sale - Reg.
- GST on reimbursement of expenses
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Missed uploading GST Invoice
- Query on effect of registration of property
- Gratuity paid to legal heir above 20 lakh is taxable or not
- Wrong CMPo8 file
- Equity Share Sale and Purchase
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
