Interest on borrowed capital

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41 Points Posted on 14 October 2011

Hi

If loan taken on 2009 sept for constructing a house property which has not been completed till march 31st 2011. The amount of interest is Rs. 2,25,000/-. Then can we claim Rs. 1,50,000/- as deduction u/s 24 of IT act as it is neither self occupied nor letout ? Pls let me know that..

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On 14 October 2011 at 16:35 Report
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Chartered Accountant
8724 Points Posted on 14 October 2011

u can't claim the deduction u/s 24 unless the construction is completed. the intt for the period of construction is also allowed as deduction in 5 equal instalments after the completion of the house.

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On 14 October 2011 at 17:01
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41 Points Posted on 14 October 2011

can't we claim upto Rs. 30,000/-?

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On 14 October 2011 at 17:07
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Chartered Accountant in Whole Time Pract
4354 Points Posted on 14 October 2011
You can,t take deduction u/s 24B before completing the construction of house property,because u can take deduction when u offer income of HP to the income tax authority first time and it is possible when Hp is completed...deduction is allowed Pre & post period.
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On 14 October 2011 at 17:34
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41 Points Posted on 15 October 2011

hi

thanks 2 Vishal & Jitender

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On 15 October 2011 at 10:11

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