Housing Loan Interest
This query is : Resolved
05 July 2009
The interest on Housing Loan for a residential flat (under construction & possession is not given by Builder) can be claimed as a deduction within limit of Rs 1,50,000/= ?
The principal re-payment can also be claimed as deduction ?
The interest on Housing Loan for a residential flat (under construction & possession is not given by Builder) can be claimed as a deduction within limit of Rs 1,50,000/= ?
The principal re-payment can also be claimed as deduction ?
05 July 2009
if house is under construction then benefit of intt is not available. However, benefit of principal can be availed.
06 July 2009
Jitender Sir,
Please tell me the provision/s for getting income tax benefit on the principal loan re-paid before possession.
Thanks
suren
Please tell me the provision/s for getting income tax benefit on the principal loan re-paid before possession.
Thanks
suren
07 July 2009
on principle no benifit ya.....and benifit is on interest only....such pre completed n possessed interest can be availed in 5 installments after building is ready for use n in your possession.
07 July 2009
The interest paid will be treated as Pre-Construction Interest and deduction will be available accordingly.
No deduction of Principal repayment u/s 80C.
No deduction of Principal repayment u/s 80C.
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