Home loan interest

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

28 September 2014 I had taken home loan in Feb 2009 and construction of flat was completed in Dec 2012. The flat is let out. Am I eligible to claim tax benefit for the interest paid during pre construction period in 5 parts, as the construction was not completed in three years.

Nikhil Kaushik

Nikhil Kaushik (Expert)

28 September 2014 if the property is self-occupied, the pre-construction interest will be allowed but within the limit of Rs 30000 per year.

Querist : Anonymous

Querist : Anonymous (Querist)

28 September 2014 The property is not self occupied and is let out. So can I claim tax benefit for the interest paid during pre construction period. Please note that the construction was not completed within three years.

Nikhil Kaushik

Nikhil Kaushik (Expert)

28 September 2014 see the whole interest restrictions are only applicable to self occupied properties. once it is let out, no restriction is applicable

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