Section 24b - Deduction under Income from House Property

This query is : Resolved

Rajat (Querist)
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06 September 2008 Details as follows:

01/01/05 - Loan taken from employer of 5 lac for construction of house for self.

01/07/07 - Loan taken from uncle for 7 lac to repay 6 lac to employer along with cumulative interest and balance 1 lac to deploy for construction of flat.

01/07/08 - Flat got ready. Two days later paid 7.7 lac to uncle along with interest and closed all loan a/c.

So now for FY08, assessee can claim how much deduction u/s 24B as pre construction + post construction.

Hiral Raja

Hiral Raja (Expert)
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15 November 2008 Pre construction Ineterest : Entire Interest paid to Employer and also interest accrued for payment to Uncle till 31/03/2008.

Post construction interest: Interest accrued and paid to Uncle from 01.04.2008 till the date of repayment of loan.