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Income from HP question no.7

Direct Taxation

In given note mentioned that... "Period of 5 years has lapsed from the date of acquisition of property, hence preconstruction period interest is not record" Does this period mean from the date of completion to assessment year ? Or 31st march immediately prior to the completion to assessment year?

AKHIL KOSHY

CA Final

★ 7K+

29-Sep-20 10:24

296

Answers (1)

If construction is completed on 30-06-2020. Interest upto 31-03-2020 is considered as preconstruction interest and is allowed as deduction from previous year 2020-21 for 5 years.