Deduction u/s 24(b)

This query is : Resolved

Divya (Querist)
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09 April 2014 Dear Sir,

Construction of house completed on 25/11/2013.

Constructed house sold on 30/12/2013.

Interest up to the date of construction is available as deduction u/s 24(b) in 5 equal instalment.

Whether deduction is available for 5 years even house property has sold.

rply please

Rupesh Jain

Rupesh Jain (Expert)
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09 April 2014 no it is not available in that case.
one more thing if you are doing business of selling and construction of house then yor are liabile to tax under business income.