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Interest on Home loan


Dipesh Jha (PRACTICE )     24 June 2019

Dipesh Jha
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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

Giridhar S Karandikar
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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

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Dipesh Jha (PRACTICE )     24 June 2019

Dipesh Jha
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Principal can be claimed before completition??

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Giridhar S Karandikar (Team Lead)     24 June 2019

Giridhar S Karandikar
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yes you can

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subhagan sreerangam   31 July 2019

subhagan sreerangam

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good clarification and information


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