19 August 2011
Suppose we had puchase a house on loan and house is under construction and builder will give the possessiion after two year and my EMI starts.
19 August 2011
Interest can not be claimed until the construction is completed. It will be accumulated and can be claimed 1/5 th every year in subsequent 5 AYs.
Example- You took a housing loan on 1.6.2009. Interest for FY 2009-10 60000/ Interest for FY 2010-11 is , say 90000. Total Interest is 150000/-.
Now construction gets completed on 1.09.2011. Interest from 1.4.11 to 31.08.11 is 30000 Interest from 1.09.11 to 31.03.12 is 45000
1.In Current years you will claim full FY's interest i e 30000+45000=75000 . 2. In respect of accumulated interest of 150000/ you can claim 1/5 th of it i.e. 30000. . 3. Total Deduction for Interest U/s 24 75000+30000=105000 For AY 2012-13. . 4. No deduction in the AY 2010-11 and Ay 2011-12.
CAclubindia
