22 January 2015
Under section 24 of Income Tax rule,one of the clause says that "If the property is not acquired/ construction completed within 3 years from the end of financial year in which the house loan was taken, interest benefit in this case would be reduced from 2 lacks to 30 thousand only.IF SO can you clarify on: 1). 3 years from the end of financial year in which the house loan was taken,does it mean 3 years subsequent to (i.e. Excluding the financial year) in which the house loan was drawn? For example, if the house loan was sanctioned/ drawn in Dec 2009, then house should be acquired/ construction completed before end March 2012-13, counting 3 years as 2010-11,2011-12 and2012-13 ( leaving 2009-10)?
2). If the house is not occupied by the owner, Can it be treated as let-out and not self occupied?. If so also, the above clause of 3 years is applicable? Or time limit is not applicable? Please clarify. Can you throw your expert advice
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