Section 24(b):deduction of interest. when can it be claimed?
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 January 2016
Hi
Me and my brother jointly purchased an under constructed property in March, 2015. We took the loan (both jointly) in May, 2015 and started paying EMI thereafter. The property is still under construction and hopefully possession will be given in next 2 years. Please advice if we can claim deduction u/s 24(b) of the interest amount in current FY, that is 2015-16 (AY 2016-17).
Any help will be highly appreciated.
Thanks
Me and my brother jointly purchased an under constructed property in March, 2015. We took the loan (both jointly) in May, 2015 and started paying EMI thereafter. The property is still under construction and hopefully possession will be given in next 2 years. Please advice if we can claim deduction u/s 24(b) of the interest amount in current FY, that is 2015-16 (AY 2016-17).
Any help will be highly appreciated.
Thanks
CA. Divyansh Agarwal
(Expert)
10 January 2016
No deduction is allowable for property under construction however will be allowed in 1/5 ratio each year asbpre construction interest from fy in which construction completed
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