vamshikrishna (Chartered Accountant) (74 Points)
12 September 2008Dear All,
One has taken the housing loan but the pocession of the house is not yet been taken in the current year & it would be taken in the succeding year....do i eligible to claim dedudction under 80 c for principle amt & the negitive income (Interest) under house property in the year in which the pocession of the house was not taken....
Thanks & regards,
Vamshi.
Rushikesh
(Chartered Accountant - Manager Finance)
(2375 Points)
Replied 12 September 2008
Hi Vamshi,
You can take the benefit of Sec. 80C as it does not talk about possession.
But for the interest benefit you need to have the possession. So you'll be able to claim the benefit of the Principal amount but not for the interest
vamshikrishna
(Chartered Accountant)
(74 Points)
Replied 12 September 2008
Dear Rushikesh,
As per the sec 24 (with regard to the interest of the pre- construction period)Interest payable by an assesse in respect of funds borrowed for the acquisition or construction of the house property has been acquired or constructed, to the extent it is not allowed as deduction under any other provision of the act, will be deducted in five equal annual instalments, commencing from the previous year in which the house is acquired or constructed.
My Doubt is wether the above instalment would be with in the limit of 150000 ????
Thanks & Regards,
Vamshi.
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