Hi,
I have a query on claiming Income Tax exemption on my 1st home (owned) . I have recently paid the complete home loan but, can i still claim the interest and principal exemption?
Thanks
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Claiming income tax exemption on 1st home loan (loan free)
Replies (4)
Yes. I think it can be claimed
when did u take the home loan and was it for fully or under constructed house, when did it start?
I took loan for a ready to move in property. The loan was taken 8yrs back
INTEREST :(house property head) SECTION 24
See all the conditions to claim interest upto Rs. 2 lakhs in 1 self occupied House Property:
a. The home loan must be for purchase and construction of a new property
b. The loan must be taken on or after 1 April 1999
c. The purchase or construction must be completed within 3 years from the end of the financial year in which the loan was taken.
PRICIPLE REPAYMENT:80C
Deduction of principal repayment is available up to Rs. 1,50,000.
80EE Deduction (over & above sec.24)- NOT ELIGIBLE
Loan has not been sanctioned between 01.04.2016 to 31.03.2017, hence deduction u/s 80EE for Interest on Home Loan upto 50000 is NOT available.
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