income from house property
This query is : Resolved
19 March 2011
A borrowed 10,00,000@ 12% p.a on 1-4-2000
for construction of house property which was completed on 15-3-2005. the amount is still unpaid.the deduction of interest for previous year 2010-11 shall be?
in this problem my doubt is the pre - construction period is completed up to 2009 - 10
soo wat is abt deduction????
the answer given in the book is 2,16,000
for construction of house property which was completed on 15-3-2005. the amount is still unpaid.the deduction of interest for previous year 2010-11 shall be?
in this problem my doubt is the pre - construction period is completed up to 2009 - 10
soo wat is abt deduction????
the answer given in the book is 2,16,000
19 March 2011
as early as possible reply me pls
22 March 2011
Pls. note that the pre construction period intt. will be allowed in equal 5 istallment starting from the year in whcih construction is completed, therefore the preconstruction period is 4 years and intt, is Rs. 480000/5 = 96000 and whole year intt. is Rs. 120000/- than total intt. is Rs. (120000+96000) = 216000
24 March 2011
Hi,
The Claim of Pre- Construction Interest should end by 31/03/2009.
For the Ayr 2010-11, i.e Pyr 2009-10 ending on 31/03/2010 there cannot be any claim for Pre-Constuction Interest.
Therefore for Pyr 2009-10 ending on 31/03/2010 only Current year Interest of Rs.120000 will be allowed as a deduction & not Rs216000.
I beg to differ with the Text book Answer & the workings given by the Above Expert.
Thank you,
Regards
CA. Lohith. J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons
The Claim of Pre- Construction Interest should end by 31/03/2009.
For the Ayr 2010-11, i.e Pyr 2009-10 ending on 31/03/2010 there cannot be any claim for Pre-Constuction Interest.
Therefore for Pyr 2009-10 ending on 31/03/2010 only Current year Interest of Rs.120000 will be allowed as a deduction & not Rs216000.
I beg to differ with the Text book Answer & the workings given by the Above Expert.
Thank you,
Regards
CA. Lohith. J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons
25 March 2011
exacty my doubt is also same
i agrred with the answer 120000
thnaks sir
i agrred with the answer 120000
thnaks sir
25 March 2011
agreed frnd. i have not read the question exactly which was asked.
Sory
Sory
26 March 2011
Hi,
You are welcome,
If you have any issues, please do join my community " Lo Aca " so that there are other partners of mine who would be able to assist you to resolve your doubts.
Thank You,
Regards
CA. Lohith. J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons
You are welcome,
If you have any issues, please do join my community " Lo Aca " so that there are other partners of mine who would be able to assist you to resolve your doubts.
Thank You,
Regards
CA. Lohith. J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons
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