Hello friends, I have just taken possession of my flat this FY. It was purchased in FY 2017-18. Now that I have got possession of the flat, I believe I am eligible for rebate as per section 24(B) upto Rs. 2L for interest paid (This is as per my understanding, plz correct me if I am wrong till here). Now my query is, because I can now get rebate on pre-construction interest (divided by 5 for five years including this year), if my current year interest is itself crossing Rs. 2L, can I get additional rebate based on pre-construction interest ?
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Home Loan Interest for ITR FY 2021-22
Replies (4)
Quick Summary
Any unabsorbed interest above Rs. 2 lakhs (including pre-construction) is carried forward for 8 years.
Thanks. Is there a detailed article to get more clarity on that ? (probably if with an example, it will be more better to understand.)
No you can't. Total interest can't exceed the limits prescribed under IT act..
Refer the said section of income tax act for more detailed understanding of claiming interest deduction
Refer the said section of income tax act for more detailed understanding of claiming interest deduction
https://incometaxindia.gov.in/_layouts/15/dit/pages/viewer.aspx?path=/documents/left+menu/ind-income-from-house-property.htm&isdlg=1&path=/documents/left+menu/ind-income-from-house-property.htm&isdlg=1
Read the last paragraph...
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