Icwa
This query is : Resolved
23 July 2012
Please provide the solution,I need to submit it within two days:
My mail id is prasad.rajdhar@tcs.com
Arvind commenced construction of a residential house intended exclusively for
his residence, on 1.11.2009. He raised a loan of `5,00,000 at 16 per cent interest
for the purpose of construction 1.11.2009. Finding that there was an over-run
in the cost of construction he raised a further loan of `8,00,000 at the same rate
of interest on 1.10.2010. What is the interest allowable under section 24, assuming
that the construction will be completed by 31.3.2012?
My mail id is prasad.rajdhar@tcs.com
Arvind commenced construction of a residential house intended exclusively for
his residence, on 1.11.2009. He raised a loan of `5,00,000 at 16 per cent interest
for the purpose of construction 1.11.2009. Finding that there was an over-run
in the cost of construction he raised a further loan of `8,00,000 at the same rate
of interest on 1.10.2010. What is the interest allowable under section 24, assuming
that the construction will be completed by 31.3.2012?
CA.Sourabh Sethia
(Expert)
24 July 2012
Interest allowable Rs.35467/-
for 5 years
for 5 years
Message likes :
1 times
24 July 2012
thank you sourabh.
can u plese provide me detailed steps to solve the above problem ?
can u plese provide me detailed steps to solve the above problem ?
CMA Nishad Patkar
(Expert)
24 July 2012
Dear prasad
Calculation is as under:
For First 5 Lakhs-- Period from 01/11/2009 to 31/03/2011 @16%--> 133333
For 8 Lakhs--- Period from 01/10/2010 to 31/03/2011 @ 16%--- > 64000
Total---> 177333
For 5 AY---: 35467 Per Year incepting from FY- 2011-12
Calculation is as under:
For First 5 Lakhs-- Period from 01/11/2009 to 31/03/2011 @16%--> 133333
For 8 Lakhs--- Period from 01/10/2010 to 31/03/2011 @ 16%--- > 64000
Total---> 177333
For 5 AY---: 35467 Per Year incepting from FY- 2011-12
CA.Sourabh Sethia
(Expert)
25 July 2012
mr. Nishad Prasad is absolutely Right
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