Preconstruction of EMI

415 views 1 replies

hari2009

Executive

224 Points Joined December 2008

hi all,

in our company one of employee has taken housing loan and they have started deducting INterest from NOV, whether he can calim preconstruction EMI in this asst.year

Please help me,

regards

hari

Replies (1)

CA. Ashok shah

CHARTERED ACCOUNTANT

333 Points Joined January 2009

Interest of Pre-Construction period is not allowable u/s.24b. It will be allowed in five equal annual installment commencing from the year in which flat is acquired or constructed. However, repayment of Hsg loan is eligible for deduction u/s.80C.