Please do the needful help by giving your inputs on below mentioned query-:
Query-: As per Section 24(b) interest on preconstruction period loan is allowed in five equal installments for self-occupied – max Rs.150000 and For let out no limit.
But is it over and above exemption limit on interest paid 1.5 lakh every year? or is it seperate from 1.5 lakh interest every year?
Please advice!!!
Pre-Construction Interest and Current year Interest both should not exceed Rs. 1.5 lakhs or Rs. 30,000 u/s 24(b) in case of Self-Occupied Property. It's only deduction benefit which has been extended to 5 years whereas treatment of Pre-Construction Interest and Current year interest remains same.
Harish,
Thanks for your input. I am also in line with you.
Saini Pati Shah & Co LLP, Chartered Accountants
Mumbai
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