I have an SBI home loan, which I want to pay and close before the full disbursement is over, during the construction phase. Would I be able to claim tax benefits under 24c, 80c and 80EE once I take possession of the property?
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Home loan tax benefits for a preclosed loan
Replies (3)
Quick Summary
You may claim deduction on account of payment of stamp duty for registration of property u/s 80C.
Other deductions like interest u/s 24(b) and 80EE as well as repayment of principal u/s 80C cannot be availed because such deductions can be availed only after the construction is over and in your case, you are closing the loan even before the construction is complete.
You can claim deduction on account of payment of stamp duty for registration of property u/s 80C and capitalised the interest paid on loan.
Other deductions like interest u/s 24(b) and 80EE as well as repayment of principal u/s 80C is not applicable
Other deductions like interest u/s 24(b) and 80EE as well as repayment of principal u/s 80C is not applicable
Agree with poornima
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