Dipesh Jha (PRACTICE ) 24 June 2019
I have taken a loan in the F.y.18-19..The bank paid whole amount to construction company...construction will completed in 20-21...bt Banks EMI started...what are the deductions available related to Principal amount and interest amount in the Income Tax act,1961..
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Giridhar S Karandikar (Team Lead) 24 June 2019
until construction is complete you cannot claim deduction towards interest paid on home loan. however once construction is complete then interest paid upto March preceding the year the construction is complete can be claimed as pre construction interest in 5equal installments.
However deduction under 80C can be claimed upto 150000 for principle paid on home loan