Interest exemption on home loan

This query is : Resolved

disha paliwal (Querist)
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07 August 2014 Hi All,
Actually i read an article somewhere which says that if your builder does not provide you your house within 3 yrs of capital borrowed, then interest exemption on the loan will be 30,000/- only, in place of recently ammended 200000/-
So, i want to know , is it true?you can also find the link address below.Please enlight me on the same.

Thankyou
CA.Dishapaliwal
http://economictimes.indiatimes.com/markets/real-estate/news/home-not-delivered-in-3-years-after-loan-you-will-now-lose-out-on-tax-breaks/articleshow/39652163.cms

Nikhil Kaushik

Nikhil Kaushik (Expert)
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07 August 2014 this is the height of useless reporting.

This condition is as old as 2003. The second proviso to section 24(b) was amended by Finance Act 2002 to bring in this condition. i wonder what is the need of making hue and cry for the same now!!

Rupesh Jain

Rupesh Jain (Expert)
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07 August 2014 under section 24(b) it is condition if you complete the construction of house with in 3 year from the date of amount borrowed.
then you can claim of intt . if you take loan on or after 1.4.1999 then you take Rs.150000/- ( now its rs.200000) intt. if your house is self occupied.

disha paliwal

disha paliwal (Querist)
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07 August 2014 So as I understand, condition is correct "If property under construction DOESN'T get completed in 3 years .. interest claim is restricted to 30k".
@ Rupesh Jain --> Kind note of thanks

@ Nikhil Kaushik and Associate --> Whoa! .. pardon to say this but I didn't expected inputs in such tone. Still thanks for sharing your expert opinion on this. I appreciate your valuable time in reverting "USELESS" reporting. Still it proved USEFUL for amateur like me.
I didn't knew there is any qualifying criteria to put post on this portal, still if you think so .. you can save time by not responding on the same.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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07 August 2014 @disha...the inputs were not on you but on the article. given that the article was in economic times with such poor backup research reflects bad on the their editorial skills.

I didn't say that it was a useless query...I said it was useless reporting. Thats the difference. Had I referred to query as useless, I would have been commenting on you. But I just questioned the quality of paper you referred to.

In no sense it was meant to be a comment on you. if in any manner you feel offended, then I do owe you an apology.

disha paliwal

disha paliwal (Querist)
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07 August 2014 @Nikhil: Oh, it seems I interpretated your views wrongly and I owe an apology too. Thanks for resolving query and confusion too. Cheers!

Nikhil Kaushik

Nikhil Kaushik (Expert)
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08 August 2014 alls well that ends well... :)

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