PRE CONSTRUCTION OF HOUSING LOAN INTEREST

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

11 January 2011 SIR
A PART TAKE HOUSING LOAN FROM "X" BANK rS. 10 00 000 DATED 22-12-10 MATURITY DATE 31-5-2030. EMI 9398.INT 9.25
31ST MARCH INTEREST DEBITED TO ACCOUNT IS rS. 69.26 UPTO MARCH 2010ONLY LOAN TAKE 8 LK.

MY QUESTION IS WITH AMOUNT TAKE IN HOUSING LOAN INTERS CHARGED 69/- ONLY UP TO 2010 MARCH.
OR PRE CONSTRUCTION INTEREST IS 69/- AND DEDUCTIBLE INTEREST FOR THE YEAR -@20% ON ABOVE. 14/-
WHICH INTEREST AMOUNT TAKE.

Vivek Raju P

Vivek Raju P (Expert)
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11 January 2011 yes deductible amount is only 14 being one fifth of the pre construction period interest.

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Querist : Anonymous

Querist : Anonymous (Querist)

11 January 2011 sir
very much thank sir
and quick reply so many thanks

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Manmohan ACA, CS

Manmohan ACA, CS (Expert)
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11 January 2011 69/4+ 14 = 31.25

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Querist : Anonymous

Querist : Anonymous (Querist)

11 January 2011 manmohan ji,
i am forget in this above quarry
house is not completed in financial year 2009-10 finished in the year 2011 sep
we are take 31.25 interest can claim.