Rebate under sec 24b
I have taken home loan in 2011 for construction linked flat possesion of which likely to be in Mar2016. Kindly let me when can I claim rebate under section 24B I.e towards interest charged from 2011 to 2015.
Replies (2)
Explanation to S.24
Where the property has been acquired or constructed with borrowed capital, the interest, if any, payable on such capital borrowed for the period prior to the previous year in which the property has been acquired or constructed, as reduced by any part thereof allowed as deduction under any other provision of this Act, shall be deducted under this clause in equal instalments for the said previous year and for each of the four immediately succeeding previous years:
When the property will be constructed and certificate to this effect is given.
If its not completed in 3 years, quantum reduces to 30K/year from 2L
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