Deduction u/s 24
There is a Loan against a let out commercial property. We are claiming full interest as deduction u/s 24 of income tax deduction. Further one more loan is running against another resdential property which is still under conctruction. consctruction will complete in Feb 2016. Now can we claim Deduction on interest paid during construction period in addition to the interest on let out property
Replies (4)
u can claim deduction only after completion of construction not during construction of house property in 5 equal annual instalments starting from the year in which the house is purchased or the construction is completed.
For example, if construction of your property completed in FY 2015-16, on 30th July 2015, you can claim 1/5th of interest paid uptil 31st March 2015 when you file your return for FY 2015-16.
Is it allowed to claim the deduction for two properties simultaneously.
Yes u can claim there is no restriction for claiming deduction under section 24 for both Houses
Thanks a Lot
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