Housing loan Deduction U/s.24
This query is : Resolved
03 April 2008
I have taken loan against house alloted to me.I have received allotment letter but still i have not received possession of that plot.My question is weather interest on loan taken for payment of house instalment is available for deduction or not under section 24.
03 April 2008
No.
After the possession you can take the exemption of total interest before the possession in 5 equal instalment.
After the possession you can take the exemption of total interest before the possession in 5 equal instalment.
03 April 2008
No, actual provision is if possession not given due to construction not completed then 1/5 for every year. if construction completed but possession not given you can claim full in Sec 24
03 April 2008
YES .IF CONSTRUCTION IS NOT COMPLETE AND POSSESSION NOT TAKEN, 1/5 TH OF INTEREST CAN BE CLAIMED AS PRECONSTRC. INT IN 5 INSTALMENTS.
ONLY ON COMPLETION OF CONSTRC. AS IN YOUR CASE, YOU CAN CLAIM FULL INT. AS PER CERT. GIVEN BY HOME LOAN BANKER.
R.V.RAO
ONLY ON COMPLETION OF CONSTRC. AS IN YOUR CASE, YOU CAN CLAIM FULL INT. AS PER CERT. GIVEN BY HOME LOAN BANKER.
R.V.RAO
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