Housing loan Deduction U/s.24
This query is : Resolved
Sanjeev Kumar
(Querist)
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.
pushpendra
(Expert)
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.
CA. Kirti S. Ganatra
(Expert)
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
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Tax on Amount transferred in HUF Account
- Nursery business
- GST input credit on commercial property
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- Import Order Cancelled.
- TDS on Dashcam rent and allied services
- GSTR-9C filing
- Working on Gold wastage during Melting of old gold jewellery
- Advances to related party
- Form 144 TDS Return Validation Error – Mandatory Fields
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
