Housing loan eligibility on gifted property

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mentor
834 Points Posted on 12 December 2021
I have a gifted property, of a piece of land.

I am planning to avail housing loan for construction on this gifted property.

May I know please, whether I am eligible to claim deduction in housing repayment principal and interest paid, as the land is gifted and construction by me

veteran please advise
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On 12 December 2021 at 10:14 Report
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Quick Summary
This discussion clarifies whether you can claim tax deductions on a housing loan taken out for construction on a gifted piece of land. The consensus is that once the land is legally gifted, the receiver becomes the owner and is eligible to claim deductions for both the principal and interest paid on the housing loan.

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SEO Sai Gr. Hosp.
212572 Points Posted on 12 December 2021

Yes, once gifted the receiver becomes owner of the land.

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On 12 December 2021 at 14:02
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Profession
28271 Points Posted on 12 December 2021
Claim deduction for principal and interest.
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On 12 December 2021 at 18:06
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mentor
834 Points Posted on 12 December 2021
Thanx
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On 12 December 2021 at 18:23

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