hari2009 (Executive) (224 Points)
24 December 2008have doubt on interest on housing loan
one of the employee earning a salary of 22laksh per annum
he has given the Investment declaration of rs 12lakhs
construction of house started 3 months back
what is the Tax treatment for his Tax Liability
please help me out in this regards
Nikhil
(CA FINAL CLEARED GRP 1)
(86 Points)
Replied 24 December 2008
Ded^ of Interest u/s 24 in Income from house property is stareted from the day when construction of property is completed.
The interest of loan for construction start and till construction is completed is allocated to 5 continued year as per u/s 24 (a)
And after the interest of loan for each year get ded^u/s 24 (b)
CAclubindia
