Hi,
Can somone please clarify if I can claim deduction u/s 24(b) for the pre-construction interest, if the property was let out in the FY when I'm claiming the deduction ?
Also, is the home loan need to be still running in the FY when I'm claiming the deduction ?
Thanks
pre-construction interest can be claimed in 5 equal instalments from the year in which the house was completed. If it is not let out, the limitation placed on claim for loss under house property will kick in.
no, the home loan need not be active for claiming the pre-interest deduction.
Thanks for the clarification.
So, I can claim the pre construction interest even if the property is let out, right ?
Thanks everyone for the clarification.
Hi, if the preconstruction interest is to be claimed in year3 for letout property, is it that the tax regime for all the 3 years when loan was availaed till construction complete years 1, 2, 3 has to be same ? i.e. If I am availining a loan in 2025 and intend to use Old tax regine in 2027, then do I have to also choose old tax regime in 2025 ?
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