about housing loan

Tax planning 453 views 5 replies

SHASHANK

ARTICLE

33 Points Joined July 2010

Hello Friends,

I want to know about the topic of house property u/s 24A..

If I take loan for my new house form bank but get possession of home after 3 years. then from which Year I get deduction u/s 24 A. means the date from when i take home or from date i get possession.

AND plzz tell also me about 24 B how i get Interest deduction in it also explain prior period int and current year......my Loan amt is 20 Lakh for 15 Years and 9% int pa. on it.......

PLZZZZZZZ EXPLAIN BY TAKING THIS EXAMPLE

Replies (5)

Bhavik Davda

Proprietor

238 Points Joined February 2008

Dear Shahank,

The doubt is being explained very nicely in the provisions of Section 24, Lets devide your question in the following two parts.

1) Interest on loan prior of its aquisition

The same is being allowed in 5equal installment commencing from the day when you have opted the loan i.e. current year and comes to an end in financial year prior to which you will get the possession.

2) After aquiring the property the Full amount of interest you have paid will get decution under section 24 well as the principal amt. of repayment will get deduciton under section 80c

Regards,

Bhavik www.vaibham.com

Sagar Zankhariya

Audit Assist.

278 Points Joined October 2009

Same As Bhavik Davda

SHASHANK

ARTICLE

33 Points Joined July 2010

thanxx

but i am not able to understand that in which year i take deduction in sec 24 of interest in this current year in which i take loan or in the year in which i get possesion... and also repayment of loan

Puneet Mantri

CA Final student

534 Points Joined May 2009

Originally posted by : Bhavik Davda
	Dear Shahank, The doubt is being explained very nicely in the provisions of Section 24, Lets devide your question in the following two parts. 1) Interest on loan prior of its aquisition The same is being allowed in 5equal installment commencing from the day when you have opted the loan i.e. current year and comes to an end in financial year prior to which you will get the possession. 2) After aquiring the property the Full amount of interest you have paid will get decution under section 24 well as the principal amt. of repayment will get deduciton under section 80c Regards, Bhavik www.vaibham.com