One of my client has availed house construction loan for one of its property. Only a year has passed since the construction is over. I have a query whether a person can claim deduction of unavailed Pre construction interest for the remaining period even if has sold its property
Kindly quote circular no or caselaw reference if any
04 December 2009
Deduction for preconstruction interest is to be claimed from income from House property in five years after construction is completed. If Property itself is sold than no question of claiming deduction towards preconstruction interest.
Hence u cannot claim preconstruction interest if the property is sold.
CAclubindia
