Income from house property
This query is : Resolved
11 December 2012
where the property is sold with in 5 years of completion of construction, can we claim the pre-construction period interest for the left out period of 5 years,
12 December 2012
Probably not. As the act says that 1/5th of pre construction period interest shall allowed each year, from the year in which construction was completed. So in the case, when property is sold out within 5 years, than the balance interest can be added to the Cost of property for calculating capital gain on such sale. However this is my personal opinion and i would like to welcome the opinion of other experts.
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