Hello, I took possession of an apartment in Aug-2010 and sold it in Jan-2015.
1. In the FY2014-15 ITR return, can I claim the 1/5th of the pre-construction interest in FY2014-15, i.e. in the year of the sale ?
2. Can I claim the interest paid till Jan-2015 when the home loan was foreclosed in the FY2014-15 ITR return ?
3. If on this sale, I am making a loss after considering indexation, can this loss be carried forward ?
Please advise. Many Thanks.
Hello,
As per sec 24, You can claim 1/5 portion of the interest along with the interest paid til jan 2015. It dont matter wether you had sale the house or not but you had paid the interest, so you will get the benefit as per act.
Yes loss can be carry forward upto 8 years.
Thanks
yes 1/5th is allowed.
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
View Details
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
View Details
CAclubindia
