interest on borrowed capital
Ankit Pandey (1 Points)
14 August 2018
when interest on borrowed capital of pre construction period is allowed in five equal installments and when not.
3 Replies
Ruchika Somani
(Coaching and Practice in Tax Audit Law.)
(4429 Points)
Replied 14 August 2018
Once construction is over than interest on construction of house property can be claimed in 5 instalments.
Rest interest on borrowed capital is capitalised in qualifying asset until asset is ready to use
Ashwin Kumar
(168 Points)
Replied 14 August 2018
interest on borrowed capital is allowed in 5 installments from the year in which the construction of property is completed...but note that total interest (1/5 pre construction interest+current year interest) is limited to the extent of ₹ 2,00,000 under 24B
harsha
(Article)
(208 Points)
Replied 11 October 2018
property must be constructed in 5 years. else not eligible
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