Interest allowed u/s 24(b)
This query is : Resolved
30 May 2008
One of the employee took a loan from bank for acquisition of home and he will get possession after 2 years. But his EMI already started.
Can he allow for deduction of interest under home loan for Rs. 150000/- and U/s 80C for installment paid in current year?
Can he allow for deduction of interest under home loan for Rs. 150000/- and U/s 80C for installment paid in current year?
30 May 2008
deduction is not allowed if construction is not complete you should capitalised the same interest to the subsequent year's & principal amount is not deducted
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