EXEMPTION ON HOME LOAN

This query is : Resolved

MAHESHA R (Querist)
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20 August 2020 I have taken Home Loan for Plot Purchase and it will start for construction.

Kindly advise i am eligible for Income tax deduction for this.

PURUSOTTAM PANDA

PURUSOTTAM PANDA (Expert)
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23 August 2020 Mahesha R ji,
You can claim interest paid on the loan u/s 24 and principal repaid u/s 80C subject to the conditions and limits specified under those sections.
Please note that, these deductions are available only if you adopt old tax regime.

MAHESHA R

MAHESHA R (Querist)
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25 August 2020 Thanks sir and my home loan is taken for the purpose of Plot Purchase and i am going to construct the House cumming year.For this also available for claim?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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19 December 2021 The interest paid till the house is complete, will be allowed to be deducted in next five years in equal installment.
No deduction eligible till the house gets completed.

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