Pre construction interest on loan
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 July 2012
Sir
I have taken house Loan of Rs 500000 during April'11 for purchase of new house and last year i paid around Rs 44,000 interest on it upto March'12.I shifted in the house during Dec'11 but the possession certficate was officially handed over in March'12.
For Income tax return shall i be eligible to claim of total interest or one fifth of it? Pls help.
I have taken house Loan of Rs 500000 during April'11 for purchase of new house and last year i paid around Rs 44,000 interest on it upto March'12.I shifted in the house during Dec'11 but the possession certficate was officially handed over in March'12.
For Income tax return shall i be eligible to claim of total interest or one fifth of it? Pls help.
21 July 2012
You can claim full interest as possession has been received by you in March 12 itself.
.
.
Message likes :
1 times
21 July 2012
Dear Friend, since the amount of interest has been paid in the same financial year in which possession has been acquired. Then you can get benefit of whole amount of interest paid against the loan. You can claim Rs. 44000/- as interest paid on loan. Thanks
Message likes :
1 times
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
- Is this income indian or foreign income?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- GST on export of services and Input Credit
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- Should I report my US salary for January, February, March in Schedule FA?
- 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 ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
