if assessee has taken house loan & has shifted in it on 28th march. Then how much of interest is allowable to him?
4 Replies
Manoj Mehta
(Head Of Department (Accounts & Finance))
(1479 Points)
Replied 22 March 2014
In the current a.y 1/5 of total interest paid will be allowed. From next year whole amount will be allowed under income from house property. Principal amount will come under 80c. Regards
CA SUKSHAM ARORA
(CA)
(569 Points)
Replied 22 March 2014
according to me,
in the current year 1/5 of the previous interest in addition to current year interest paid will be allowed as deduction in the c.y.
samiksha nagar
(Student CA Final)
(168 Points)
Replied 22 March 2014
if pre constructed house is purchased on 15 january & acquired by assessee on 28th march. then also same treatement will be there?
Income Tax Wala: (Fin. Expert)
(Chartered Accountants)
(2015 Points)
Replied 23 March 2014
Dear Samiksha
1/5 of preconstruction period interst and whold interest of current financial year will be allowed as dedcution u/s 24 b
next is, in your question you have not cleared that when have yo taken loan.
if loan is taken on ready to move house than there is no question of pre construction period or so.
hope your query would have been resolved
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