Sec 24 interest -construction completion & limit

Intrest on a resediential property is Rs.4,25,000,(Single property but joint loan in the name of husband & wife)

Case 1

Construction completed within 3 years,property self occupied-Then Limit is Rs.2 lacs for property can husband & wife claim 2 lacs each,so total loss under house property of both comes to Rs.4 lacs.Both have no let out income.

Case 2

Let out property,Is completion of construction a mandatory condition Or during pre construction period property will be deemed self occupied & interest is deductable only on completion.

Anyways once property is let out can Individual claim interest of Rs.4.25 lacs as deduction u/s 24 since property is not se;f occupied.

Replies (1)
1. Both husband and wife can claim deduction in proportion to their share in the property subject to max 2 lacs in each case. If both have equal share, then both can claim deduction subject to max 4 lacs put together. This is with respect to SOP. 2. I think completion of construction does not necessarily mean obtaining completion certificate from prescribed authority. If the house is habitable, it would suffice I think. 3. There is no deeming provision to treat the property as SOP during pre construction stage. If the property is going to be self occupied (after construction) then construction should get completed in 3 yrs (from ay16-17, 5 yrs) in which case interest including pre construction interest cannot exceed 2 lacs for each co-owner. If the property is going to let out, then no time limit for completion of construction and interest including pre construction interest can be claimed as deduction without any limit in the proportion to share if co-owned.

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
08 September 2026
Semi-Qualified Assitant

Subrahmanyam & Sivudu CA Firm

Hyderabad

CA Inter

View Details
Company
Featured 11 September 2026
Audit Executive

RBSM Corporate Advisors Private Limited

Pune

CA

View Details
Company
ARTICLESHIP 29 August 2026
Article Assistant

RRPM & ASSOCIATES LLP

Chennai

CA Inter

View Details
Company
ARTICLESHIP 01 September 2026
Articles

Saini Pati Shah & Co LLP, Chartered Accountants

Mumbai

CA Foundation

View Details
Company
ARTICLESHIP 16 September 2026
CA Article Trainee

SR BAGAI & Co.

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 15 September 2026
Freelance Taxation Content Writer Intern

Interactive Media Pvt Ltd.

New Delhi

CA Inter

View Details
Company
20 September 2026
Semi Qualified CA

Navin & Associates

Mumbai

CA Inter

View Details
Company
09 September 2026
SENIOR AUDITOR & ACCOUNTS MANAGER

Anupam Parashar & Co.

Ghaziabad

CA Final

View Details