I purchased under construction property. taken home loan. paid intrest as per-emi & emi.
how to take benefit for under construction property & intrest on loan.
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ITR benefits
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Let the interest be accrued, it will be available for deduction in 5 equal installments, after completion of the construction.
once the property is constructed, you can take deduction for the interest paid in 5 equal installments...principal will not attract any deductions
1. As per sec 80C payment towards principal in relation to the construction of the residential property will be allowed as deduction subject to a maximum of Rs. 1.5 lakhs.
2. However, interest will be allowed as deductions u/s 24(b) only after the completion of construction and whatever the amount of interest paid will be allowed as pre-construction interest in 5 equal installments.
Please correct me if the above solution has an alternative view.
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