A person taken loan for home construction or renovation and he has no income from house property. Can he claim deduction under section 24 of rs. 2 lac against interest paid on home loan??
Please reply sir. Thank you!
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interest deduction under section 24
Replies (8)
Yes... he can claim.
Dear Sandeep
If Loan is taken for Renovation Upto RS 30000 should be deductible.
if loan is taken for Construction of property then to the extent of RS 200000 it shuld be deductible us section 24
So it means sir this deduction can be claimed where income from house property is 0?
income from house property is nil, only in case you have only one property and same is self occupied
Dear Sir, My newly home is under construction for which i have taken home loan. I currently reside in my old home. Can i claim interest deduction as home is still under construction?
Dear Sandeep,
For Under construction of Home any interest paid on them shall be deducted after completion in 5 equal installment i.e for 5 years from completion of house property as a pre construction loan.
interest can be claimed only after completion of construction and pre construction period interest can be claimed in 5 equal installments
Thank you shivani mam and siddhesh sir
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