Interest on pre construction house shall be claimed for 5 yrs of completion.
1. That means continues 5 yrs?
2. This restriction of 5 yrs is for let out property or for self occupied?
3. How can claim pre construction principal, this s also for 5 yrs or even claim from pre construction period?
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Sec.80 c & 24 (b)
Replies (3)
which combination of cash and cheque is advisable to receive proceeds amounted to 35lks on sale of urban residential house??
please clarify
please clarify
1. Interest for pre-acquisition/pre-construction period shall be allowed as deduction in 5 equal installments starting from the previous year in which the house is acquired or the construction is completed and for the next 4 successive (continuous) previous years.
2. It is applicablein both let out and self occupied situations.
3. If you repay the principal during pre-construction period to lender, then this is not eligible for tax deductions.
| Originally posted by : Sumanth vinayakam | ||
 |
which combination of cash and cheque is advisable to receive proceeds amounted to 35lks on sale of urban residential house??please clarify |  |
You may receive up to Rs. 2 lacs through cash and balance Rs.33 lacs through cheque/bank transfer
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