Dear All,
Mr. A has taken a House loan 25.11.2002 for constructiion of house for
residental purpose. He paid Rs. 170000/- as interest on the above loan.
Last date of Repayment of above loan will come in March,2015. My query
is that :
How many year Mr. A can claim the Deduction of Interest U/s 24(b)? i.e. can he claim the deduction of Interest on Housing loan upto March,2015 or any
other condition are specified in Income Tax Act.
Please clarify the same. It is most urgent.
Thanks
Parmod
Dear Pramod
The house you are refering is Self Occupied Property then you can claim Every Year till repayment to Loan Amount not exceeding Rs. 1,50,000/- as interest.
You can claim thie interest every year but you have to submit a proof from the bank regarding total interest paid by you during the year.
Dear Pramod,
Ankur is rightly mentioned but just want to add one situation where the construction of house is not completed within 3years then deduction of interest will be restricted to Rs. 30,000/- per annum.
S.....agree with Amir
Self Occupied Property - you can claim interest of Rs.150000/- every year.
If construction is not complete within 3 years - only Rs.30000/-....
CAclubindia
