Please Help: House Property
Posted Date : 24-May-2011 , 12:19:56 am | Posted By rajat bhatia
Land Purchased by taking Bank Loan. Can Deduction under section 24 i.e. interest on borrowed capital be taken for land purchased? if Yes, then when it wud start
Category : Income Tax | Answers : 4 | Comments : 3 | Hits : 634
Answers
Answer By: CA VIKAS JAIN
interest on loan taken for construction of house eligible for deduction.
Answer By: CA. Sachin Data
Yes, the deduction can be claimed provided a house is constructed thereon within the prescribed time limit.
Answer By: Vikash Kumar Jha
Without construction of house building within specified period of three years on that land for which loan had taken you will not get any deduction under sectiön 24.
Answer By: Vaneet Gupta
Yes
Comments
CA VIKAS JAIN
24-May-2011 , 09:47:10 amyes it should be allowed provided within next 3 year construction of house on a land is completed. suppose loan was taken on 10 may 2010 then construction of house should be completed by 31-03-2014. for allowing the deduction, period will be divided in two parts viz pre construction and post construction period. interest accumulated for pre construction period will be allowed in five equal instalments. the pre construction period in this case will start from 10-05-2010 i.e. the date of loan obtained by assessee.
CA MANOJ GUPTA
24-May-2011 , 10:32:33 pmTHERE IS NO DEDUCTION IF ONLY LAND IS PURCHASED HOWEVER IF HOUSE IS CONSTRUCTED AS SUUGGESTED BY CA VIKAS JAIN THEN INTT MAY BE ALLOWED
CA SUBHASH KR.
26-May-2011 , 06:36:18 amYes intt should be allowed provided within next 3 years construction of house on the said land completed.