Tax benefit on interest pain under construction phase
This query is : Resolved
02 May 2014
Sir,
This FY 14-15, i will get possession of property till Dec-14 (self occupied). My EMIs are already started and I have paid good amount of interest on home loan for last FY 13-14.
My current year Interest will be more that 150000 which is the max limit of getting benefit. Please tell me if I still can get tax benefit on the amount I paid toweards interest during construction in previous years?
Example - For FY 14-15 I will pay interest of Rs. 250000 and for FY 13-14 I paid interest of Rs. 200000 and for FY 12-13 I paid interest of Rs. 50000.
So here for the FY 14-15, How much Tax benefit Can I get? Will it be Rs 150000 OR
Rs 150000 + Rs (250000/5) = Rs 200000?
Thanks,
MAnoj
This FY 14-15, i will get possession of property till Dec-14 (self occupied). My EMIs are already started and I have paid good amount of interest on home loan for last FY 13-14.
My current year Interest will be more that 150000 which is the max limit of getting benefit. Please tell me if I still can get tax benefit on the amount I paid toweards interest during construction in previous years?
Example - For FY 14-15 I will pay interest of Rs. 250000 and for FY 13-14 I paid interest of Rs. 200000 and for FY 12-13 I paid interest of Rs. 50000.
So here for the FY 14-15, How much Tax benefit Can I get? Will it be Rs 150000 OR
Rs 150000 + Rs (250000/5) = Rs 200000?
Thanks,
MAnoj
Rupesh Jain
(Expert)
02 May 2014
u/s 24(b)
for self occupied house deduction will
allowed total rs. 150000/-
not the amount rs. 200000/-
for self occupied house deduction will
allowed total rs. 150000/-
not the amount rs. 200000/-
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