Benefit under section 24

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..... Benefit under section 24
Query (Issue) Started By: - Naresh Makkar Dated:- 23-2-2008 Last Reply Date:- 4-3-2008 Income Tax
Got 3 Replies
Income Tax
My wife booked a flat in Ashiana Utsav Bhiwadi in March,2006. The flat is under construction and possession is likely to be offered in March,2008. She raised a loan of Rs.15.95 lacs for this flat from HDFC in Apri,2006. She is regularly pa .....

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..... ying her EMI"s since May,2006. Kindly let me know if she can claim the benefit of repayment of Principal and intt under section 24 (Loss on house property) for the F.Year 2006-07 and F.Year 2007-08 Reply By Surender Gupta: The Reply: The interest would get accumulated till the acquisition of property. Since you did not possess the property, the benefit of deduction of interest is not available Re .....

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..... ply By V Ramanujam: The Reply: Interest on repayment of loan paid in the financial year on which the house is acquired/construction is completed is eligible for deduction u/s 24 in the same financial year. Interest on EMI paid relating pre-construction period is eligible for deduction in five equal instalments only from the financial year in which the property is acquired/construction is complete .....

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..... d. Repayment of principal is eligible for deduction u/s 80C from the financial year of construction/acquiring of house property. Reply By SHIRISH NAGCHANDI: The Reply: the interest accumulated till 31.03.2007, can be claimed in 5 equal installment from the financial year 2007-08.The interest paid for 2007-08 can be claimed as loss from house property up to rs. 1.50 lakhs, and the payment of princ .....

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..... ipal can be claimed under sec. 80 c to ccc as deduction limited to rs. 1.00 lakhs.pl note that for availing the benefit of interestand principal the house should be ready and in possession before 31.03.2008
Discussion Forum - Knowledge Sharing .....

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