Interent on hosing loan

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SANJAY RASTOGI (Querist)
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22 August 2012 One of the assessee has purchased residancial plot and taken loan from bank for the same. EMI of the same has been starded ( Interest+ Principle repayment) Can he claim Interest rebate?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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22 August 2012 Only loan taken for construction of house or purchase of house is eligible for deduction u/s. 24(b). after completion of house construction interest rebate can be claimed. Interest paid before construction need to be accumulated as pre construction period interest and can be claimed in 5 equal installment after completion of construction

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