chaithanya (Chartered Accountant) (29 Points)
21 August 2013Assessee took a housing Loan on 1/5/10
Construction of Self occupied house was completed on 20/4/13
Till 31/3/13 I have paid an interest amount of 6,20,000. His interest for FY 2013-14 is 1,10,000.
What is the total Interest deduction U/S 24 he will get? Whether it is 1,50,000 or 2,34,000 (1,10,000+1,24,000)?
Mihir
(Wealth Manager)
(5293 Points)
Replied 21 August 2013
He can claim pre-construction interest on loan in 5 equal installment each year including the current years interest not exceeding 150,000/-.
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