Interest on loan deduction
This query is : Resolved
shweta Bansal
(Querist)
15 June 2017
took loan for construction of a house last year. construction is still in progress and partly loan amount is repaid but person who has taken loan still doesn't have possession of house. can he claim deduction of interest on loan and principal repayment under income tax act?
CMA Ramesh Krishnan
(Expert)
15 June 2017
Deduction available only after construction completed, before that deduction cannot be availed
shweta Bansal
(Querist)
15 June 2017
what if the assesse doesn't get possession even after completion of construction..then can he claim deduction without having possession
CMA Ramesh Krishnan
(Expert)
15 June 2017
My view. section states about the completion of construction. If you get the construction completion certificate from builders, you are eligible for deduction
15 June 2017
Ownership / deemed ownership is necessary for claiming deduction for interest u/s. 24(b).
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