DEDUCTION OF INTEREST ON HOUSING LOAN

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..... Mr. A gave ₹ 5 lacs to a builder for purchase of flat in delhi and took a loan of ₹ 10 lacs. Finance Co. gave ₹ 10 lacs directly to builder for purchase of flat on behalf of Mr. A. Thus, total cost of flat purchased by r. A is ₹ 10 lacs. The flat contruction was completed after three years i.e. three years after giving ₹ 15 lacs. During these three years, builder p .....

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..... aid interest to Finance Co. During the financial year 2012-13, Mr. A obtained possession of flat and paid interest of ₹ 300000/-. Mr. A had now two flats one in delhi and 2nd in haryana. Query is How much deduction will be available on account of interest and in which manner. - Reply By MAHENDRABHAI DESAI - The Reply = Dear Mr. Wadhwa, Pl. read explanation for section 24 of Inco .....

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..... me Tax, where in it is mentioned that house should be completed within three years of taking loan, and interest for the period before taking possession shall be allowed in five equal installments, one in the year in which possession was obtained and rest for four succeeding year. You need certificate from finance co. stating interest paid for each year. One flat of your choice, with higher value .....

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..... will be treated as self occupied property, and second one if not used for business or give on rent, then notional rent will be added to income and from which you can claim deduction. - DEDUCTION OF INTEREST ON HOUSING LOAN - Query Started By: - S.C. WADHWA Dated:- 5-9-2014 Income Tax - Got 1 Reply - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion T .....

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..... ax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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