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House property interest deduction
i have current year loan interest of rs 165000 and pre construction period interest of rs. 30000.00 ( 150000/5 ).... how much total deduction can i claim in f.y. 2013-14...?? whether only 150000 or 180000...?? give case laws or links suppprting ur answers please...
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Hello,
The pre-construction interest is allowed upto a limit of Rs 1.5 Lakhs including the current year interest payment on home loan. This can be claimed only after the house is ready and possession is taken over. If the house has been let out, the taxpayer can claim the entire interest component as deduction from the rental income without any restriction.
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