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Querist : Anonymous

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Querist : Anonymous (Querist)
19 December 2012 Arvind commenced construction of a residential house intended exclusively raised a loan of Rs 500000 at 16% interest for the purpose of construction 01.11.2008.finding that there was an overrun in the cost of construction he raised a further loan of Rs 800000 at the same Rate of interest on 01.10.2009. what is the interest allowable u/s 24, assuming that the construction was completed by 31st march of the relevant previous year?
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Mohit Naithani

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Mohit Naithani (Expert)
20 December 2012 Pre construction period:

if construction is complete in 11-12 then :

Loan of Rs 500000 - 01.11.08 to 31.03.11
Loan of Rs 800000 - 01.10.09 to 31.03.11

Pre construction Intt = 385333 / 5
Post Const. Intt = 208000

So if your Property is Let out or deemed let out then your Deduction u/s 24 is 285067.00

and if its self occupied then its maximum upto 150000.00
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