Interest u/s 24
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 March 2017
My client have taken loan in 2010-11 for purchase of flat. Its possession is handed in march 2017. total int upto 31.3.2016 is 11,15,931. Interest for fy 31.03.2017 is 1,48,425. I have doubt that possession is more than 5 years from date of loan so will he not be allowed deduction of 200000? and does limit of possession within 5 years of loan is also applicable on pre construction interest also. Please guide in detail about taxability...
15 March 2017
Yes, if the property is not acquired/constructed completed within 3 years from the end of financial year in which the loan was taken, the interest benefit in this case would be reduced from 2 Lakhs to Rs 30 thousand only. This limit of 3 years has been increased to 5 years from Financial Year 2016-17 and onwards.
As per my understanding He will not get the full deduction of 2 Lacs. Would appreciate suggestions from other experts as well.
As per my understanding He will not get the full deduction of 2 Lacs. Would appreciate suggestions from other experts as well.
Querist : Anonymous
Querist :
Anonymous
(Querist)
15 March 2017
Does this time limit of 5 yrs apply for loan started in fy16-17?
01 August 2024
You're correct that the time limit for claiming the full deduction of interest on a home loan was extended from 3 years to 5 years from the Financial Year (FY) 2016-17.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- Applicable TDS rate for sale of property in Nov 2024
- Donation Receipt u/s 80G
- TDS deduction (debit notes)
- Can a partnership firm become partner in a LLP ?
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- TDS on purchase of value vouchers for employees ?
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
