Preacuisition interest under sec 24(b)
This query is : Resolved
25 May 2012
Can Pre-acquisition interest (which is allowed in 5 installment from the year of construction/acquisition) be claimed after 3 years of construction? Earlier it was not claimed because of unawareness of tax laws.
26 May 2012
It can be claimed for remaining years.
27 May 2012
No. Pre-acquisition interest can only be claimed in the year of acquisition and for each of the four immediately succeeding previous years.
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