Please Help: house property
Posted Date : 27-Jul-2011 , 05:56:13 pm | Posted By kavita dudeja
loan has been taken from bank for the consrtruction of hp. the cosntruction took more than 3 yrs. and is now self occupied.
my queries are
1. whether can we take pre construction period interest u/s 24b? will that amount be subject to 30000??
2. wheter above int. is to be taken in 5 equal amounts.
3.can we take int. paid in finacial yr 2010-11 as deduction u/s 24 b
4. what will be the total over all limit in deduction (amount)
thnks :)
my queries are
1. whether can we take pre construction period interest u/s 24b? will that amount be subject to 30000??
2. wheter above int. is to be taken in 5 equal amounts.
3.can we take int. paid in finacial yr 2010-11 as deduction u/s 24 b
4. what will be the total over all limit in deduction (amount)
thnks :)
Category : Income Tax | Answers : 2 | Comments : 3 | Hits : 402
Answers
Answer By: CA. Sachin Data
Answer By: CA Rajnish
Kavita ji,1-pre construction period interst is deductible in 5 equal instalment from the year after the year of completion of H.P.it may be upto 150000 if loan is after 1-4-99 and prperty completed within 3 year from the year of loan otherwise only upto 30000/each year ///2-30000/150000 for each 5 years.///3-sure interst deductible in 2010-11/// 4-as above said
Comments
CA VIPIN GARG
28-Jul-2011 , 09:09:05 amMy dear Kavita Ji, I think you wants to ask the whole chapter of HP -:) Just Kidding, The answer of above questions are as follows :- 1. Yes you can very well claim the interest u/s 24b and the limit of 30000 is also applicable 2. Yes, But the limit of 30000 is applicable in every year. 3. No, you can't take the deduction of interest paid in year in which construction is completed as pre cons. interest. 4. The total overall limit for every year is again Rs. 30000 only. Hope you got ur answer and have a nice day.
kavita dudeja
28-Jul-2011 , 10:28:35 amThanks dear :)))
kavita dudeja
28-Jul-2011 , 10:29:45 amThanks dear :)))