Save Tax on Home Loan Pre-construction + Post Construction
This query is : Resolved
udai singh shekhawat
(Querist)
06 July 2020
Hi,
I have bought a property in August 2019. And started payment of Home loan from September 2019.
The property was under construction at that time. I have received the Completion certificate on 15th May 2020.
Interest paid from September 2019 to March 2020 = 2,84,000
Provisional Interest amount from April 2020 to March 2021 = 4,83,000
I would like to know:
1. Will I be able to get exemption for the Pre-construction amount paid from September 2019 to March 2020 while filing the Income tax for financial year 2019 - 2020?
If YES, is it beneficial to claim the whole amount at once as I found that it can be used for exemption in 5 separate installments?
2. Also, will I be able to claim the Stamp Duty/Registration charges in Income tax filed against financial year 2019 - 2020?
Please guide me.
Thanks
I have bought a property in August 2019. And started payment of Home loan from September 2019.
The property was under construction at that time. I have received the Completion certificate on 15th May 2020.
Interest paid from September 2019 to March 2020 = 2,84,000
Provisional Interest amount from April 2020 to March 2021 = 4,83,000
I would like to know:
1. Will I be able to get exemption for the Pre-construction amount paid from September 2019 to March 2020 while filing the Income tax for financial year 2019 - 2020?
If YES, is it beneficial to claim the whole amount at once as I found that it can be used for exemption in 5 separate installments?
2. Also, will I be able to claim the Stamp Duty/Registration charges in Income tax filed against financial year 2019 - 2020?
Please guide me.
Thanks
07 July 2020
YOU CAN CLAIM INTEREST 1/5 OF PRE-CONSTRUCTION PERIOD AND FULL IN THE NEXT A.Y.
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