Hi All,
I have a questions regarding the income tax benefits for under construction flat. The agreement month for the flat is in October 2012. The construction is still in progress. They said it would be given in December 2014 which is more than 2 year from agreement month. Currently, mu home EMIs are already started.I read somewhere that we cannot get the tax benefit for interest till construction is complete and possession is given. So how can I get the benefit on the interest which I am paying till I get the possession of the flat? Is there any timeline for the property construction? for example, the possession of the flat should given before 2 years from the date of agreement etc?
Please provide the expert comments.
Thank you,
Manoj
CAclubindia
