Pre construction interest
This query is : Resolved
30 July 2016
Hello All
I am an accountant and needs your advise.
The client had taken home loan on 6.05.2006 and the loan has been cleared on 01.06.12.
Loan Amount: Rs.1916000@8.5%.
The total Interest paid was Rs.894166/-. The possession date of property is 25.07.2015. Property is self occupied.
Now can I take the benefit of interest paid in my return u/s 24b?
If yes then how much amount of interest and upto which year?
Pl reply as I have to file return for 2016-17.
Regards
I am an accountant and needs your advise.
The client had taken home loan on 6.05.2006 and the loan has been cleared on 01.06.12.
Loan Amount: Rs.1916000@8.5%.
The total Interest paid was Rs.894166/-. The possession date of property is 25.07.2015. Property is self occupied.
Now can I take the benefit of interest paid in my return u/s 24b?
If yes then how much amount of interest and upto which year?
Pl reply as I have to file return for 2016-17.
Regards
30 July 2016
You may claim pre-construction period interest in five equal instalments starting fro the year in which construction was completed
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