I am paying interest and principal on my home loan. It is a under construction property not yet registered.
Can I carry forward my losses for next year. The interest which I am paying is around 3 Lakhs.
Can you please tell me how do I mention it in Schedule CFL?
I do understand I cannot claim any income tax benefits for a under construction property. Am I correct ?
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Interest paid on property under construction
Replies (1)
Yes INterest on house property (Self occupied) under construction can be claimed only after completion of the property. 1/5th of the total pre construction period interest will be allowed in each year for 5 years from the year in which the property is completed and occupied.
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