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Accrued interest on home loan
can an assesse claim interest on capital borrowed for construction of his self occupied house where in the builder has taken 7 years to construct the house but posession yet not given but the benefit of such interest has not been claimed by the assesse
Replies (6)
The total interest shall be allowed as deduction under Sec 24b in 5 equal installments, beginning from the year in which you get possession.
Deduction on home loan interest cannot be claimed when the house is under construction. This pre-construction interest can be claimed only after the construction finished in five equal installments.
construction has to be completed within 5years from the end of the F Y in which capital was borrowed
thank you and congratulations
as per act, the construction of property should be completed within 5 years from the end of f. y. in which capital borrowed to claim interest on borrowed capital as deduction. but there are lots of case laws in favor of assessee which permits to claim interest on borrowed capital as deduction even if the construction has not been completed within 5 years
ramakrishnan sir which cases
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