Loan for home construction

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

18 June 2014 I HAVE TAKEN LOAN OF RS. 500000 FROM BANK PLEASE SUGGEST ME
MY TOTAL GROSS SALARIES IS 750000/-
OUT OF WHICH HAVE DEPOSIT LIC PREMIUN RS. 43708/-
AND PROVIDENT FUND RS. 80206/-

TAX PAYABLE =RS. 61000/-

IS ANY DEDUCTION OR BENEFIT MAY I GET FROM
TO REDUCE MY TAX PAYABLE MAOUNT
PLEASE ADVICE.....

Nikhil Kaushik

Nikhil Kaushik (Expert)
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19 June 2014 if the house is still under construction, then there is nothing more you can do right now.

once the house is ready, you can claim deduction for interest paid on housing loan under section 24(b) upto 1.5 lakhs (if the house is occupied by you and without any limit if the house is let out.

Rupesh Jain

Rupesh Jain (Expert)
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19 June 2014 if your house is under construction then no deduction of loan and intt. not allowed.
after construction you can claim intt of construction period in equally 5 installment u/s 24 limit is self occupied Rs. 150000/- and no limit for let-out property and loan amount principal deduction u./s 80 after completing of house.

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