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Since construction started on 1/8/2010, hence pre-construction penod starts from 1/8/2010 and since construction completed on 31/3/2015. hence pre construction period ends on 31/3/2014 and post construction period starts from the year 2014-15. Finally, pre construction period is from previous year 2010-11 to previous year 2013-14 and post construction period is from previous year 2014-15 onwards. Thus, pre-construction period interest are as under: Previous Year Amount Month Interest e 12% e 2010-11 5,00,000 8 40,000 2011-12 4,00,000 12 48,000 f39 2012-13 4,00,000 12 48,000 2013-14 4.00.000 12 48,000 Total interest for pre-construction period 1,84,000 Total Interest for pre-construction period is ? 1,84,000 which shall be alowed in 5 equal instailments i.e., 36,800 p.a. from P.Y. 2014-15 to 2018-19 Computation of interest Previous Year Assessment Year 2014-15 Pre construction period Interest Post construction period Interest Total Interest 2013-14 2014-15 2015-16 36,800 72,800 2016-17 2015-16 36,800 72.800 2017-18 36,800 2016-17 2017-18 2018-19 36,800 36,0001 36,0001 36,0001 24,0002 15,0003 2*2,00,000 x 12% 76,000 9,000 72.800 60,800 51,800 2019-20 2018-19 36,800 1. * 3,00,000 x 12% 3. On 2,00.000 @ 12% for 3 months @ On 1,00,000 @ 12% for 9 months Total * 15,000 Illustration 12 Mr. Rajesh owns two house properties both of which are let out. Compute his income from the following details: Particulars H1 H2 Situated at Gaya Mumbai Gross Municipal value 1,00,000 2,00,000 Fair rent 95.000 2.10,000 Standard rent 90,000 2.00.000 Actual rent receivable 1,00,000 1,80.000 Unrealised rent of current year 8.000 2.000 Municipal tax 10% 1,000 Fire Insurance 2.000 1.200 Repairs Nil 2.000 Interest on loan for construction (@ 12%) 10,000 Ni Other Information: (a) Loan taken for construction is still unpaid. (b) Municipal tax of H1 is still unpaid, while, that of H2 is half paid by tenant