Income tax benefit for 2nd home loan under construction

Tax planning 2865 views 3 replies
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30 Points Joined August 2014

Currently I have two loans -

1. Self occupied

2. Under construction propery (full emi option is choose)

I am getting tax benefit for my 1st home loan under 80C and Sec - 24.

Can I get any tax benefit from my 2nd house loan which is under construction ?

As per my understanding , only accumulated interest part paid during construction period can be claimed after possession during next 5 years ( 20% per year).  Is the same rule applicable for 2nd Home loan as well ?

 

 

 

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On 14 August 2014 at 16:48 Report
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Student as well as Self-employed
3710 Points Joined September 2007
yes you are correct... intt payable during construction period is allowed in 5 equal instalments after construction is complete.
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On 14 August 2014 at 17:03
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software
30 Points Joined August 2014

Same rule is applicable for second home loan which is under construction?

As per below link.. seems to be one can avail interest benefit (20%) for 2nd home loan even if house is under construction

https://blog.bankbazaar.com/second-home-loan-advantages/36853/

Please clarify !

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On 14 August 2014 at 17:16
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Student as well as Self-employed
3710 Points Joined September 2007
i have gone through this link... it missed to mention that deduction will be available after construction is complete.
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On 14 August 2014 at 22:12


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