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Income from House property
Direct Taxation
Pre interest shall be calculated from the date of loan borrowed to the preceeding year of the year of completion.as per this que I solved am I correct? But the ans given in material was not same as my calculation.
Answers (5)
PCPI is till the end of the PY prior to the PY in which house is completed/possession, here it is till 31.03.2021 as the possession is on 01.10.2022. Therefore PCPI = 1/5 of the total of the below interests Interest for period 01.08.2019 to 31.03.2020 == 18,00,000*9.5%*(8/12)=1,14,000 Interest for the period 01.04.2020 to 31.03.2021 == 18,00,000*9.5%=1,71,000 ie. 1/5*(114000+171000)= 57,000/- **SHOULD NOT TAKE THE INTEREST FOR THE PERIOD 01.04.2021 TO 31.03.2022**
JAINY JOHN
PCPI is till the end of the PY prior to the PY in which house is completed/possession, here it is till 31.03.2021 as the possession is on 01.10.2022. Therefore PCPI = 1/5 of the total of the below interests Interest for period 01.08.2019 to 31.03.2020 == 18,00,000*9.5%*(8/12)=1,14,000 Interest for the period 01.04.2020 to 31.03.2021 == 18,00,000*9.5%=1,71,000 ie. 1/5*(114000+171000)= 57,000/- **SHOULD NOT TAKE THE INTEREST FOR THE PERIOD 01.04.2021 TO 31.03.2022**
As possession is on 1.10.2022 then preceeding financial year means from 1.4.21 to 31.3.2022 ryt. We have to calculate the pcpi upto 31.3.22 know?
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