Provision for property
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
06 March 2013
i am purchased a flat with four copartners and in this regard we take up a home loan on 31/05/2011 but till 31-03-2012 we have not registered the property.
Further, we are paying EMI continuously.
So, what will be provision for income tax in this regard about interest and principal amount.
thanking you
Further, we are paying EMI continuously.
So, what will be provision for income tax in this regard about interest and principal amount.
thanking you
06 March 2013
You should ask for Allotment Letter / Temporary Possession Letter from Builder.
This will solve your problem, based on this you can claim Principal Amount paid as deduction.
So far as interest is concerned it will be allowed as deduction as pre-construction period interest in 5 equal installments from the year of completion of construction.
This will solve your problem, based on this you can claim Principal Amount paid as deduction.
So far as interest is concerned it will be allowed as deduction as pre-construction period interest in 5 equal installments from the year of completion of construction.
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
- GSTR-1A How to update Invoice
- Excess salary payment.
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Stamp Paper for partnership firm change new income tax 2025
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- TDS on Purchase of Immovable Property by NRI from NRI
- Capital gain from sale of house property
- Regarding TDS Applicability For Director Remuneration
- SFT Cash Deposit in Current Account
- FORM 26A APPLICABILITY
- TDS APPLICABILITY......
- Copyright software
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
