I Want to Know that I my Housing loan is under process in Feb 10 and my 1st Installment due in March 2010. But the house is completed 90% and I will get the possession in May 2010. I just want to Know can I take interest benefit If I pay the stamp duty & registration fees in Mar 2010.
Menu
HOUSING LOAN
Replies (2)
Dear Sir/Madam,
You will have to treat this year's interest as "pre-construction" and claim it equally over 5 years starting next year. From next year, you can claim each years accrued interest as well u/s 24.
80C deduction for pincipal u can claim once the construction is complete.
Regrds
Dear Hello,
Interest paid upto March 2010 should be considered as "pre-construction" and it can be claimed equally over 5 years starting from next year when the construction gets complete. Next year, you can claim Pre construction interest as well as interest paid during the year....It is allowed on due basis....
80C deduction for pincipal repayment....only for post construction ....
Recent Topics :
- On which amount 200% penalty under section 270A is
- RECEIVED INTIMATION U/S 399 FOR TDS PAYMENT ON PRO
- How do CA firms track SEBI/AMFI circulars and dead
- Jurisdictional validity of Sec 148 notice after fa
- Taxable Income or Not
- GST Input Tax Credit (ITC) on Camera Purchase &
- What makes CA Himanshu Singla different from other
- TAX TREATMENT AND ACCOUNTING ENTRIEOF PERQUISITES
- Gifting money to my father-in-law (my husband's da
- GSTR-1 JSON from marketplace exports (Myntra / Ama
Related Topics :
CAclubindia
