Doubt in pre construction interest
This query is : Resolved
08 January 2014
In house property, is there a provision for the treatment if construction is completed in the same year in which loan is taken?
08 January 2014
If construction of house property is completed in the year of loan taken then as per provisions of income tax act 1961 interest paid is not eligible as Pre-construction period interest. The interest paid to borrower is allowed as deduction under section 24
10 January 2014
as per my opinion, if the construction of house property is completed in same year of loan taken then assesse can claim deduction of int. for both pre construction period and u/s 24 as well.
but one thing to be consider that the interest for the period of construction only and not for remaining period and deduction u/s 24 is allowed only for period after completion....
but one thing to be consider that the interest for the period of construction only and not for remaining period and deduction u/s 24 is allowed only for period after completion....
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is Aadhar PAN linking required for opening bank account?
- Applicability
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- Where to show the RCM on Rent paid to unregistered landlord
- RCM - commercial rent paid to URP under GST
- TDS NUMBER SURRENDER
- GSTR-3B - Do I file nil when there is no sale but I've bought raw materials
- Legal heir raised refund , but refund issued to the closed account of deceased.
- Gst Sales of FY 2023-24
- Offsetting interest income against derivative trading losses
- My Last working day in current org is in novemebr 2024 but they are asking me to submit IT proof
- Indexation benefit applicability
- SEC 54 OF IT ACT
- Passed group 2 exams under wrong gender
- REQUIREMENT OF 15CB
- QUERY FOR RCM ON RENT
- APPEAL-CIT
- Payable outstanding for years disallowance
- Whether still royalty
- Issue of gst e invoice
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
