INTERST ON HOUSING LOAN

Originally posted by :K SIVARAMAN


"
Sir
 
Can i claim the full pre-acquisition interest portion in the year of acquisition of house property subject to the limit of Rs.150000/- instead of 5 instalments?
 
Shiva
"




 
HELLO,

 SORRY SIR, IN THE PRE- EQUISITION PERIOD YOU HAVE PAY INTEREST , YOU CAN CLAIM ONLY 5 INSTALMENT. IF YOUR INTEREST  RS 750000 (IN 5 INSTALMENT THEN YOU CAN CLAIM U/S 24 (ii) OTHER WISE YOU TAKE ONLY 30000/-
 

IF YOU HAVE A SALARIED PERSON , OR THER ASSESSES THEN YOU TAKE THIS DEDUCTION U/S 80 C
IF YOU TAKE DEDUCTION 80 C THEN YOU CLAIM RS 100000/- OTHERWISE YOU HAVE INCOME FROM HOUSE PROPERTY THEN YOU  TAKE DEDUCTION U/S 24 (ii) FOR RESIDENTIAL HOUSE YOU CAN TAKE MAX-150000/- IN A YEAR. OTHER WISE FOR TANENT YOU CAN DEDUCTION U.S 24(ii) WHOSE AMOUNT YOU PAY INT. ON HOUSE LOAN (ALL WILL BE FULLY DUDCTED  FROM YOUR HOUSE PROPERTY INCOME.