if we take home loan to purchase a property under construction is the principle and interest deductable under section 30, 24 or watever in the ITR form? plz guide...if yes then under which sections
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Interest principle of under construction deductable?
Replies (3)
The home loan deduction can only be claimed from the financial year in which the construction is completed.
prior construction period interest can be accumulated and can be claimed from the f.y. in which property constructed or acquired
Interest can be claimed under section 24b from the financial year in which the construction is completed.
Pre - construction interest paid upto the financial year preceeding the year in which the construction is complete, can be accumulated and claimed in 5 equal installments from the year in which the construction is completed.
Pre - construction interest paid upto the financial year preceeding the year in which the construction is complete, can be accumulated and claimed in 5 equal installments from the year in which the construction is completed.
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