It is mandatory to submit the construction completion certificate to the employer for cliaming the interest benefit under section 24(b) on interest paid on the housing loan.
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Interest benefit on housing loan
Replies (4)
Its not mandatory. Generally people provide provisional interest certificate obtained from the bank. That should suffice
Hi,
Yes agreed with Ajit, there is no such requirement. Repayment schedule or interest certificate obtained from Bank is sufficient and can be submitted with the employer.
But please be noted deduction for interest expence before construction/acquisition is allowed after construction/acquisition in 5 years instalments under Income Tax. In that case in order to compute the same the employer may ask for the construction completion certificate but it’s not mandatory as said by my friend Ajit.
Thanks for sharing the view. the fact of the case is interest pertain to f.Y 2015-16 and constuction of the property is also competed in f.Y 2015-16.so there is no interest component for the period prior to the financial year in which constuction is completed.
Also please note that interest expense to be claimed on accrual basis, not on payment basis
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