Regarding House Loan interest deduction

You can not claim the deduction/exemption of Interest part of House Loan as construction of your flat is still going on and to be completed by Aug'2012.

(But you can claim this amount equally divided in 5 years respectively). Just wait for other reply on this braket portion or visit on other website for this issue, you will find the answer.

you cannot claim interest as deduction until construction is complete.

Afterward u can claim full interest along with pre construction interest (in 5 equal instalments in 5 financial years) but the condition is construction must be completed within 3 years of commencement and a miximum of 150000.

Even u can claim principal repayment u/s  80 C but only after completion of construction.

Hi rajnikant..

Thanks for your reply.

Can you please tell me what do you mean by the condition that the construction must be completed within 3years of commencement?

If we can claim the deduction only after the completion of construction, then what is this condition means? both statements are contradictory..

Regards

Mukesh

Originally posted by : Rajnikant Vadigoppula
	you cannot claim interest as deduction until construction is complete. Afterward u can claim full interest along with pre construction interest (in 5 equal instalments in 5 financial years) but the condition is construction must be completed within 3 years of commencement and a miximum of 150000. Even u can claim principal repayment u/s  80 C but only after completion of construction.

Originally posted by : Harpreet
	You can not claim the deduction/exemption of Interest part of House Loan as construction of your flat is still going on and to be completed by Aug'2012.     (But you can claim this amount equally divided in 5 years respectively). Just wait for other reply on this braket portion or visit on other website for this issue, you will find the answer.

AGREE WITH THE REPLY

i mean complition of construction within 3 years of commencement of construction.