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house property interest🏨

Priya Kashyap (Student) (7048 Points)

28 February 2019

what are the conditions for availing interest deduction u/s 24(b) in case construction completed after loan was taken?

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Giridhar S Karandikar (Team Lead) (7543 Points)
Replied 28 February 2019

pre construction interest is allowed as a deduction in 5 equal installments from the year prior to the year construction is complete.
from the year the construction is complete you will get deduction of pre construction interest and the yearly interest subject to overall deduction of RS.2 lacs.
you will also get deduction under 80C upto 150000 for principal paid. you need to produce a certificate from van for interest and principle deduction to be availed

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Priya Kashyap (Student) (7048 Points)
Replied 28 February 2019

but I think 2L only available in case of house property self occupied..

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Giridhar S Karandikar (Team Lead) (7543 Points)
Replied 28 February 2019

no for let out property also it is the same as provisions are changed

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Priya Kashyap (Student) (7048 Points)
Replied 28 February 2019

ohhkk I wasn't aware as I've Nov 2019 attempt
how shall Gross annual value be decided in case let out and vacant ?

CA.Pankaj Rawat (Chartered Accountant) (1381 Points)
Replied 28 February 2019

In case of let out
GAV=rent received
(-) property tax when paid
=NAV

Priya Kashyap (Student) (7048 Points)
Replied 28 February 2019

arey this I know 🤦
I was asking about how shall GAV be decided where expected value is given buy let out is for less than 12 months and remaining month is vacant