an individual taken loan on 1/4/07 and the construction of house was completed on 31/3/08. Loan has not been repaid till 31/3/09. what will be the preconstruction period interest?? where can assesse claim interest for the period 1/4/07 to 31/3/08??
12 Replies
Have a lot to achieve
(C.A. B.Com(H))
(101 Points)
Replied 25 September 2009
Preconstruction period should be 01/04/2007-31/03/2008. Interest for this period is allowable while computing the income from House Property as also allowable.
Prashanth
(Sr.)
(51 Points)
Replied 25 September 2009
| Originally posted by :Mukesh Kumar Rawal | ||
| " | no, preconstruction period because the house is completed in the same year in which loan was taken |
" |
i agree wiht mukesh opinion and my doubt is where we can claim this interest??
Shashank
(Article)
(65 Points)
Replied 25 September 2009
The construction of the house was completed in same PY in which the loan was taken. So there is no per-construction interest. The interest for 07-08 will be fully claimed in the same PY.
Sunil Liladhar Kotak
(Manager (F & A))
(2025 Points)
Replied 25 September 2009
Yes Mukesh's view is right
sunil
CA Ankit B Jain
(Bajoria & co)
(42 Points)
Replied 25 September 2009
Preconstruction interest is not to be taken into consideration as the house is completed in the very same year in which loan is taken.
Hence no deduction u/s 24. . . . .
Anup rathi
(CA FINAL)
(268 Points)
Replied 26 September 2009
Condition for preconstruction intrest is dat of 3 yrs from the date of loan taken dat also if the house is not completed withing 3 yrs if the house is completed within d same year in wich loan is taken no preconstruction int will come into the pic
CA Parth Shah
(Chartered Accountant)
(369 Points)
Replied 26 September 2009
u cant take it as preconstruction period as constructn has been completed in the same year.. obviously u can claim d interest as deduction as regular provisions.
NAGESWARA RAO
(MBA (FIN).CS EXECUTIVE PROGRAMME)
(43 Points)
Replied 27 September 2009
There is no pre-construction period interest, as the commencement and completion of of the property was in the same financial year. The interest on housing loan for current year can claim.........
Krutesh Patel
(ACA)
(727 Points)
Replied 27 September 2009
No Pre construction period to be considered because it has been completed in same year.
Girish Mathuria
(STUDENt)
(138 Points)
Replied 25 October 2009
no, preconstruction period is there because the house is completed in the same year in which loan was taken..................
so he cant claim for interest..
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