Regarding 80c and 24(b) deduction
This query is : Resolved
22 September 2015
my client has taken a plot loan, in bank terminology known as Reality Loan. 6 months later , he took another loan for construction of residential house on same plot , in bank terminology known as construction Loan. Construction is under process. Whether we can claim deduction u/s 80c for both loans and deduction u/s 24(b) for both loans once construction gets complete.
22 September 2015
In my opinion , He can claim both the loans only after construction of residential house since construction of residential house is pre-condition to claim deduction u/s 80c.
And interest accrued on reality loan before construction may not eligible to claim pre construction interest, after only eligible u/s 24(b)
And interest accrued on reality loan before construction may not eligible to claim pre construction interest, after only eligible u/s 24(b)
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