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interest on borrowed capital
when interest on borrowed capital of pre construction period is allowed in five equal installments and when not.
Replies (3)
Once construction is over than interest on construction of house property can be claimed in 5 instalments.
Rest interest on borrowed capital is capitalised in qualifying asset until asset is ready to use
interest on borrowed capital is allowed in 5 installments from the year in which the construction of property is completed...but note that total interest (1/5 pre construction interest+current year interest) is limited to the extent of ₹ 2,00,000 under 24B
property must be constructed in 5 years. else not eligible
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