Dear all,
In case of a newly constructed house which is completed in Feb 2012, Can the interest paid in the FY 11-12 ( not the pre construction interest) for all 12 months from 1.4.2011 to 31.3.2012 be claimed u/s 24.
The loan taken is for the construction and the house is treated as deemed to be let out.
Yes if the possession of the house is taken in F.Y. 11-12, then whole of the interest paid during 11-12 without any ceiling plus the pre-construction interest relating to F.Y. 11-12 can be claimed as dedcution, as your property is DLO.
I have a further question on the above subject:
Posession of my second flat was taken on 30 Mar 2012. Since I am showing the first flat as self occupied, the 2nd one will be deemed to be genr income as per IT rules.My ques is that since I have taken posession only on 30 Mar : what is the deemed income that i should show? Will the flat be deemed to have genr income for only one day or will it deemed to have genr income for the entire year despite my having had posession of it for only one day in that year? I am aware that I can claim benefit for intrest paid during the whole year.
CCI
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CAclubindia
