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about housing loan

SHASHANK (ARTICLE) (33 Points)

17 July 2010

Hello Friends,

I want to know about the topic of house property u/s 24A..

If I take loan for my new house form bank but get possession of home after 3 years. then from which Year I get deduction u/s 24 A. means the date from when i take home or from date i get possession.

AND plzz tell also me about 24 B how i get Interest deduction in it also explain prior period int and current year......my Loan amt is 20 Lakh for 15 Years and 9% int pa. on it.......

PLZZZZZZZ EXPLAIN BY TAKING THIS EXAMPLE

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5 Replies

Bhavik Davda (Proprietor) (238 Points)
Replied 17 July 2010

Dear Shahank,

The doubt is being explained very nicely in the provisions of Section 24, Lets devide your question in the following two parts.

1) Interest on loan prior of its aquisition

The same is being allowed in 5equal installment commencing from the day when you have opted the loan i.e. current year and comes to an end in financial year prior to which you will get the possession.

2) After aquiring the property the Full amount of interest you have paid will get decution under section 24 well as the principal amt. of repayment will get deduciton under section 80c

Regards,

Bhavik www.vaibham.com

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Sagar Zankhariya (Audit Assist.) (278 Points)
Replied 17 July 2010

Same As Bhavik Davda

SHASHANK (ARTICLE) (33 Points)
Replied 19 July 2010

thanxx

but i am not able to understand that in which year i take deduction in sec 24 of interest in this current year in which i take loan or in the year in which i get possesion... and also repayment of loan

Puneet Mantri (CA Final student) (534 Points)
Replied 20 July 2010

Originally posted by : Bhavik Davda
	Dear Shahank, The doubt is being explained very nicely in the provisions of Section 24, Lets devide your question in the following two parts. 1) Interest on loan prior of its aquisition The same is being allowed in 5equal installment commencing from the day when you have opted the loan i.e. current year and comes to an end in financial year prior to which you will get the possession. 2) After aquiring the property the Full amount of interest you have paid will get decution under section 24 well as the principal amt. of repayment will get deduciton under section 80c Regards, Bhavik www.vaibham.com