Deductions of housing loan interest and principal payment

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

15 March 2018 Sir,
I am a salaried person. I took loan from bank for construction of new house and started construction.I expected construction would be completed by this year and I have not paid any TDS for this reason.
but unluckily completeion has not completed till today..
What I want to know is can i get a refund if construction could completed by last of this month and claim it when filing return..?

K Srinivas, CMA CS

K Srinivas, CMA CS (Expert)
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16 March 2018 Given that you are a salaried assessee, TDS will be paid by your employer , isn't it?

Querist : Anonymous

Querist : Anonymous (Querist)

17 March 2018 yes. but only a few amount has been deducted as TDS. I expected I would get the benefit of loan. so that I would not be having any taxable income for this F.Y.

K Srinivas, CMA CS

K Srinivas, CMA CS (Expert)
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17 March 2018 There is no benefit for construction as such. Interest paid on Home loan is however allowed as deduction.

K Srinivas, CMA CS

K Srinivas, CMA CS (Expert)
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17 March 2018 Interest on home loan before the construction is completed is available for deduction in 5 assessment years beginning from the Assessment year in which the construction is completed

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