Akbar Pattery (11 Points)
12 July 2018
Ruchika Somani
(Coaching and Practice in Tax Audit Law)
(4429 Points)
Replied 12 July 2018
u/s 24(b) 1/5th Interest will be exempt for under construction period for five years and from May 2018 u will get entire interest exemption based on SOP and LOP.
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 12 July 2018
Pre-construction period (from date of borrowing to March 31 immediately prior to the date of completion of construction) interest can be availed as deduction u/s 24b in 5 equal instalments starting from previous year in which construction is completed subject to a maximum of Rs.2,00,000/- limit per annum including current year interest.
Akbar Pattery
(11 Points)
Replied 12 July 2018
Ruchika Somani
(Coaching and Practice in Tax Audit Law)
(4429 Points)
Replied 13 July 2018
Prior period interest will be allowed to be deducted only after construction is over.
u/s 24(b)
CAclubindia
