HI, I HAVE TAKEN SBI REALTY HOME LOAN (Rs. 9,40,000) IN JAN, 2009 AND IT'S EMI STARTED FROM 10 FEB, 2009. I PURCHASED PLOT FROM LOAN. I JUST WANT TO KNOW CAN I CLAIM DEDUCTION UNDER SECTION 24 AND 80C BEFORE THE CONSTRUCTION ON IT?
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DEDUCTION U/S 24 ON PAYMENT OF EMI TO BANK
Replies (2)
Interest of Pre-Construction period is not allowable u/s.24b. It will be allowed in five equal annual installment commencing from the year in which flat is acquired or constructed. However, repayment of Hsg loan is eligible for deduction u/s.80C.
Interest of pre construction period will be allowed in 5 instalments subject to a maximum limit of Rs. 150000/- starting from the year when the construction gets over. Repayment of loan will be subject to a limit of Rs.100000 u/s. 80C
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