sec.24(b)

kaidjohar (Querist) 25 March 2010 This query is : Resolved
hello sir..my client is salaried woman.she get proerty loan from co op bank for Hostel Construction purpose.Can interest is deductible u/s 24(b).

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A V Vishal (Expert) 25 March 2010
Q1. Is the construction completed.
Q2. Is the property let-out.
Q3. In case it is not let out is your client running business in the said premises.

Tax treatment depends on the replies to the above clarifications

Adv.Shine Thomas (Expert) 27 March 2010
U/s 24(b) the borrower can claim tax benifits only after the construction is completed and possessing the property.

Kumar Thadhani (Expert) 28 March 2010
Whether you are having Income from Business/Income from House-Property as we as Income from Salary. It is then interest on loan is deductible upto Rs1,50,000/-

kaidjohar (Querist) 28 March 2010
thanx R sir,but i hv no idea about building completed or not or given on rent.

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