28 March 2010
person has purchased a plot (for house) for Rs. 2200000/- on 05.04.2008 (A.Y.2009.10). A loan of Rs. 1400000/- has taken from bank(housing loan). Amount of Rs.165000/- has been deposited in the bank in the same Assessment Year. i.e. Amount of Rs. 137000 as Interest and Rs. 28000 as principal repayment.
Now construction has made up to date i.e. upto 31.03.2009.
Person will surely complete the construction upto 31.12.2010.(within three years)
Can Interest benefit be claimed in Assessment Year 2009.10 u/s 24?
Benefit u/s 80-c can be claimed for H/L Repayment?
28 March 2010
Principal repayment can be cosidered in Sec.80C but the pre construcion interest can be claimed from the year of construction completed every year 1/5th for 5 years
29 March 2010
Sorry dear the interest will be claimed only after the const is completed. till then you can just claim ded of repymt of principal u/s 80 C
CAclubindia
