DEDUCTION U/S 24 ( INT. ON HOME LOAN)

you can claim deduction u\s 24 but construction should be completed within 3 years from the end of the financial year in which capital was borrowed Rule given below :- Interest on borrowed capital is deductible as follows: 1. If the following conditions are satisfied, interest on borrowed capital is deductible up to Rs 150,000. Capital is borrowed on or after April 1, 1999 for acquiring or constructing a property. The acquisition/construction should be completed within 3 years from the end of the financial year in which capital was borrowed. The person, extending the loan, certifies that such interest is payable in respect of the amount advanced for acquisition or construction of the house or as refinance of the principle amount outstanding under an earlier loan taken for such acquisition or construction. 2. If the conditions stated above are not satisfied, then the interest on borrowed capital is deductible up to Rs 30,000. However, the following conditions have to be fulfilled: Capital is borrowed before April 1, 1999 for purchase, construction, reconstruction repairs or renewal of a house property. Capital should be borrowed on or after April 1, 1999 for reconstruction, repairs or renewals of a house property. If the capital is borrowed on or after April 1, 1999, but construction is not completed within 3 years from the end of the year, in which capital is borrowed.

if only plot is purchased in a residential area and construction not yet started and bank has issued the certificate u/s 24 for interest paid, in that case can i cliam deduction? pls. clarify this also thanks

YES You can claim deduction but you have to complete construction within 3 years from the end of the financial year in which capital was borrowed.

I am agree with Mr .Rajesh Bajaj

Whether two people can enjoy the deduction for the same loan taken in the joint name.

Yes................

if both of them are the owner and getting rent from such property than both can enjoy ded. without any limit..............

buit in case of So property no one can ded. for more than 150000 in a year...........

deduction is on property and not the person therefore it must b available to any one of the party paing EMI of the loan taken for acquiring or constructon of house property