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....
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