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Section 24 of income tax act

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(Querist)
09 December 2008 i want to know about interest on house property loan

i borrowed a loan of
Rs. 1400000 as on 1/8/2008

i paid interest Rs 80000 (approx)
I paid principal Rs. 15000 (approx)

possession is taken as on 28/2/2009

weheter all the amount of int. of Rs. 80000 an principle of Rs. 15000 can be taken as a deduction?
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Bindu Madhav

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Bindu Madhav (Expert)
10 December 2008 If you take the possession before 31st March, entire Interest & Prin paid during that year (from April to Mar) is deductible. If the possession is taken after April (Say on 10th April) - then previous year's interest needs to be treated as "Pre-Occupied" and 1/5th will be allowed in each year (upto 5years).

So, in ur case, if you take possession on 29-Feb-09, entire interest and prin paid from 1-Apr-08 to 31-3-09 is allowable
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Bindu Madhav

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Bindu Madhav (Expert)
10 December 2008 If you take the possession before 31st March, entire Interest & Prin paid during that year (from April to Mar) is deductible. If the possession is taken after April (Say on 10th April) - then previous year's interest needs to be treated as "Pre-Occupied" and 1/5th will be allowed in each year (upto 5years).

So, in ur case, if you take possession on 29-Feb-09, entire interest and prin paid from 1-Apr-08 to 31-3-09 is allowable
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