Preacuisition interest under sec 24(b)
This query is : Resolved
Vaishali Sikka
(Querist)
25 May 2012
Can Pre-acquisition interest (which is allowed in 5 installment from the year of construction/acquisition) be claimed after 3 years of construction? Earlier it was not claimed because of unawareness of tax laws.
Prakash Kochar
(Expert)
26 May 2012
It can be claimed for remaining years.
Soumitra Basu
(Expert)
27 May 2012
No. Pre-acquisition interest can only be claimed in the year of acquisition and for each of the four immediately succeeding previous years.
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