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Preacuisition interest under sec 24(b)

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(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.
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Prakash Kochar

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Prakash Kochar (Expert)
26 May 2012 It can be claimed for remaining years.
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Soumitra Basu

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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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