Home Loan for Construciton
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 February 2011
Hi Friends,
I am in Bangalore, India. I purchased a Land & then taken Loan for construction of House on that land. We completed the home construction within the same fiscal year.
Now i have 2 questions:
1. Can i claim Pre-EMI Intrest taken up for the home loan? If so, how much i can exempt Pre-EMI Intrest?
2. Can I claim "Stamp Duty & Registration Charges" made towards registration of the Land Taken?
I am in Bangalore, India. I purchased a Land & then taken Loan for construction of House on that land. We completed the home construction within the same fiscal year.
Now i have 2 questions:
1. Can i claim Pre-EMI Intrest taken up for the home loan? If so, how much i can exempt Pre-EMI Intrest?
2. Can I claim "Stamp Duty & Registration Charges" made towards registration of the Land Taken?
14 February 2011
Interest of Pre-construcrtionh period is deductible in Five equal instalment. The instalment commence from the year in which construction of the property is completed.
Stamp duty & Registration charges paid on land is not allowable u/s 80C of the IT ACt
Stamp duty & Registration charges paid on land is not allowable u/s 80C of the IT ACt
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 February 2011
Thank you very much Mr.Sunil sir!!!
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