Section 24 of income tax act
This query is : Resolved
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?
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?
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
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
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
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
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
- CG Tax On residential property
- Post Office RD Interest
- Applicable TDS for Purchase of Flat from NRI
- Eway bill for machinery reparing
- Building and other construction workers welfare cess act 1996
- Gift of mutual fund units to daughter
- Bank Accounts in Balance Sheet for ITR 3
- ITR 3 FILING OF AN INDIVIDUAL (PARTNER IN A PARTNERSHIP fIRM)
- Reporting of STCG on Property in ITR
- NRI ITR2 account in 2025-26 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,.
- Claiming exemption of perquisite for employee-owned car under New Tax Regime in ITR-2
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
