Pranav Aggarwal
(525 Points)
Replied 02 September 2019
Kapadia Pravin
(17259 Points)
Replied 02 September 2019
Suresh Thiyagarajan
(Student)
(3986 Points)
Replied 02 September 2019
1. Interest on the borrowed capital of Rs. 2 lakhs(maximum) lakhs will be allowed as deductions if construction is completed within a period of 5 years from the end of the FY in which the loan was taken.
2. From 6th year onwards maximum amount allowed as deductions will be restricted to Rs. 30,000.
3. Principal repayment will be available as deductions u/s 80C with no conditions except for retention of house property for a period of 5 years from the date of completion of construction.
Please correct me if the above solution has an alternative view.
Suresh Thiyagarajan
(Student)
(3986 Points)
Replied 02 September 2019
1. Interest on the borrowed capital of Rs. 2 lakhs(maximum) lakhs will be allowed as deductions if construction is completed within a period of 5 years from the end of the FY in which the loan was taken.
2. From 6th year onwards maximum amount allowed as deductions will be restricted to Rs. 30,000.
3. Principal repayment will be available as deductions u/s 80C with no conditions except for retention of house property for a period of 5 years from the date of completion of construction.
Please correct me if the above solution has an alternative view.
Kapadia Pravin
(17259 Points)
Replied 03 September 2019
Anil Sinha
(6 Points)
Replied 13 December 2023
Loans are granted under Composite loan scheme only if the Applicant is intending to complete the construction within 3 years from the date of plot purchase
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