sir
I had taken a home in 2016 for construction . construction completed and EMI started from April 2018.but I have paid loan interest from March 17
to April 18 RS 54201 . which is my income tax rebate section ?
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home loan interest rebate section
Replies (4)
u/s 24(b) 1/5th Interest will be exempt for under construction period for five years and from May 2018 u will get entire interest exemption based on SOP and LOP.
Pre-construction period (from date of borrowing to March 31 immediately prior to the date of completion of construction) interest can be availed as deduction u/s 24b in 5 equal instalments starting from previous year in which construction is completed subject to a maximum of Rs.2,00,000/- limit per annum including current year interest.
i am a govt employee I had taken a home loan on 19 December 2016 for house construction. i have paid RS 54201 as part period interest financial year 2017-18 . please say about exemption sections
Prior period interest will be allowed to be deducted only after construction is over.
u/s 24(b)
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