Applied direct tax
This query is : Resolved
31 July 2011
please give me the answer within two days or mail me at rashmi.kalindi@gmail.com
Arvind commenced construction of a residential house intended exclusively for
his residence, on 1.11.2008. He raised a loan of `5,00,000 at 16 per cent interest
for the purpose of construction 1.11.2008. 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 1.10.2009. What is the interest allowable under section 24, assuming
that the construction was completed by 31.3.2011?
Arvind commenced construction of a residential house intended exclusively for
his residence, on 1.11.2008. He raised a loan of `5,00,000 at 16 per cent interest
for the purpose of construction 1.11.2008. 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 1.10.2009. What is the interest allowable under section 24, assuming
that the construction was completed by 31.3.2011?
31 July 2011
solutions send to your id, please check
Message likes :
1 times
31 July 2011
Interest will be allowed on the both loans. Interest incurred during the pre construction period wil be allowed in equal five installments, claim it from the previous year in which the house is ready to use. Interest allowable for post construction period will be restricted to Rs.150,000
Interest will be allowed on the both loans. Interest incurred during the pre construction period wil be allowed in equal five installments, claim it from the previous year in which the house is ready to use. Interest allowable for post construction period will be restricted to Rs.150,000
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- ITC temporary reversal and reclaim
- TDS U/S. 194NF
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- MIS MATCH OF INVOICE NUMBER
- VERIFICATION OF REFUND RELATED
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
Trending Online Classes
CAclubindia
