Hi All,
I am going to purchase a property which is not constructed yet, for that property i and my wife both are sharing the cost and i have to take a loan for this, now my queries are:
1) Interest on loan deduction available for the above property or not??
2) Principal amount eligible for deduction under 80C or not??
3) who is eligible for deduction me & my wife??
kindly provide me the feedback early.
Thanks
Vivek
Reply
1) after the complition of the construction from the year in which the construction gets completed Plus the amount of Pre-construction interest as per the formula.
2) Yes but the condition as mentioned will apply i.e. only when the construction is completed
3) Generally as per the share in the property
sunil
R P S K & Associates
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CA Inter
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YOGESH KAPOOR AND ASSOCIATES
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