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Income tax house property
The construction of house was completed on 28.2.2013. Assessee taken loan of 10 Lac @ 12%p.a.Compute deduction for prev. Year if loan was taken on 1.5.2012.
Plz solve this. Also i want to know that there is there any pre const. Period and plz explain how you solved it...
Replies (3)
Dear as construction completed in Feb so, amount of interest paid before will be allowed in 5equal years.( 10lack*12%*10/12*1/5 will be allowed in current year) i hope answer is clear. Regards
Thank you manoj sir for such a prompt reply but the answer given in book is 110000...So plz see once again..my book is girish ahuja A.Y 13-14
Dear it is a total interest amont?? I think it is so calculated ( 10lacks*12%*10m/12m)+10,000 for march = 110000. But i have to see you full question so pm me. Regards
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