can i have way of calculation of preconstruction interest in income from house property
can i have way of calculation of preconstruction interest in income from house property
THE PRE CONSTRUCTION INTEREST IS DEDUCTIBLE FROM HOUSE PROPERTY INCOME IN FIVE EQUAL INSTALLMENTS
WHERE FIRST INSTALLMENT CAN BE CLAIMED IN THE YEAR OF COMPLETION
Pre construction interest is the interest paid from the date of borrowing loan upto the date of completion of construction / upto date of repayment of loan wheichever is earlier.
Such interest is allowed in 5 equal installments.
POINTS TO BE NOTED:
1. If the date of completion of construction is earlier than date of repayment, then pre construction period is restricted to preceeding March.
2. If date of repayment of loan is earlier , then pre construction period i s upto the date of repayment.
HOPE U ARE CLEAR NOW
agreed with answers
preconstruction period means from the date of borrowing of loan to 31/3 immediatly preceeding to date of comletion of construction or date of repayment of loan which ever is earlier, in between period called pre construction period , thus pre construction period interest shall be deductible in five equal installments starting from the year of completion of construction
Agreed with Dhiraaj
| Originally posted by : chaitanya | ||
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preconstruction period means from the date of borrowing of loan to 31/3 immediatly preceeding to date of comletion of construction or date of repayment of loan which ever is earlier, in between period called pre construction period , thus pre construction period interest shall be deductible in five equal installments starting from the year of completion of construction |
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AGREED WITH MS. CHAITANYA,
REGARDS,
MANOJ
WELL EXPLAINED BY R.G.Ayyswariya
THANK U SIR
PLEASE REFER VK SINGHANIA ITS TOO EASY.
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