04 February 2013
Dear EXPERTS, I have paid a total of 108000 as pre-emi interest for the FY 2012-2013.The construction of my house will get completed by 31st March 2012.
Can i claim the pre-emi interest for the the AY 2013-14?
04 February 2013
But the construction gets completed only on 31st March 2013.So,the interest l aready paid upto 31st march 2013 ie.the whole of it can be claimed while filing ROI on or before 31st July 2013.Correct?
04 February 2013
But the construction gets completed only on 31st March 2013.So,the interest l already paid upto 31st march 2013 ie.the whole of it can be claimed while filing ROI on or before 31st July 2013.Correct?
If you have take loan prior to 1 Apr 2012, Then Int up to 31 Mar 2012 will go into pre - emi bucket & Int for period 1 Apr 12 to 31 Mar 13 will go in current fy bucket.
So whole int for fy 2012-13 can be claimed while filing ROI.
04 February 2013
Dear Sir, I have taken the loan in may 2012.And paid pre-emi interest upto 31st march 2013.So what is the amount qualified for deduction for AY 2013-14?
04 February 2013
Dear Experts, I was told that i can claim the interest paid by me upto the date of completetion of the construction in 5 equal annual installments.Is it true?
04 February 2013
Dear sir, Extraxts from Sec 24 @Explanation.—Where the property has been acquired or constructed with borrowed capital, the interest, if any, payable on such capital borrowed for the period prior to the previous year in which the property has been acquired or constructed, as reduced by any part thereof allowed as deduction under any other provision of this Act, shall be deducted under this clause in equal instalments for the said previous year and for each of the four immediately succeeding previous years:]
04 February 2013
Dear divya karthik don't go confusion clarification for your doubt is.
If the loan taken financial year and construction completions or property acquired year is different then only the question of 1/5th interest arises and interest paid upto the immediate completion of financial year before to the financial year of construction completed shall be claim deduction of 5 equal installments.
So in your case loan acquired and construction completion year is same so no question of 5 installments deduction of pre-EMI interest. Are you clarified ?
CAclubindia
