a person purchased house property and took a loan against the same thereafter he completely demolished the house and constructed the same as per his design and taking the loan for the construction also. will the deduction u/s 24 pre construction period will be allowed in both the loans.
please give the reference of caselaw if any.
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Replies (2)
as per section 24(b) deduction is allowed on interest payable on loan borrowed for the purpose of ACQUISITION, CONSTRUCTION, REPAIR, RENEWAL OR RECONSTRUCTION
case- 1st loan
in the above case loan is taken AGAINST HOUSE PROPERTY , not for acquisition, construction, repair, renewal or reconstruction. so, no deduction is allowed against the house property
case- 2nd loan
in 2nd case loan is taken for construction of house property. so, he can claim deduction u/s 24 (b) only for second house if all the other conditions are fulfilled.
case- 1st loan
in the above case loan is taken AGAINST HOUSE PROPERTY , not for acquisition, construction, repair, renewal or reconstruction. so, no deduction is allowed against the house property
case- 2nd loan
in 2nd case loan is taken for construction of house property. so, he can claim deduction u/s 24 (b) only for second house if all the other conditions are fulfilled.
i guess yes as the loan taken against mea
ns the loan taken to acquire the asset
ns the loan taken to acquire the asset
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