Interest on housing loan
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 December 2014
DEAR EXPERTS,
I HAVE TAKEN LOAN FOR CONSTRUCTION OF MY HOUSE ON F.Y. 2013-14 OF RS. 9,00,000/- AND CONSTRUCTION IS COMPLETED IN F.Y. 2014-15. NOW I WANT TO KNOW, HOW TO CALCULATE HOUSING LOAN INTEREST 20% IN 5 INSTALLMENTS. STARTS FROM WHICH YEAR I.E. F.Y.13-14 & 14-15 TOTAL INTEREST WILL IT DIVIDED BY 5 AND FIRST INSTALLMENT WILL HAVE TO TAKEN IN F.Y. 14-15 OR NOT ??
KINDLY CLARIFY ME
THANKS
I HAVE TAKEN LOAN FOR CONSTRUCTION OF MY HOUSE ON F.Y. 2013-14 OF RS. 9,00,000/- AND CONSTRUCTION IS COMPLETED IN F.Y. 2014-15. NOW I WANT TO KNOW, HOW TO CALCULATE HOUSING LOAN INTEREST 20% IN 5 INSTALLMENTS. STARTS FROM WHICH YEAR I.E. F.Y.13-14 & 14-15 TOTAL INTEREST WILL IT DIVIDED BY 5 AND FIRST INSTALLMENT WILL HAVE TO TAKEN IN F.Y. 14-15 OR NOT ??
KINDLY CLARIFY ME
THANKS
25 December 2014
Please follow the following steps:
1. Obtain the pre emi interest from bank and statement of the said interest.
2. Divide the amount equally into five years.
3. Claim 1/5th of interest every year after construction of house.
1. Obtain the pre emi interest from bank and statement of the said interest.
2. Divide the amount equally into five years.
3. Claim 1/5th of interest every year after construction of house.
25 December 2014
you can take intt on loan paid by you till 31.3.2014. it consider as intt for preconstruction and take 1/5 each year deduction u/s 24(b). in 2014-15 completion of house then you claim all intt. as normal intt. for installment you can claim u/s 80C.
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