Tax benefit u/s 24 on home loan interest

As your house is under construction, you will not be able to claim any benefit fo tax on interest paid on the home loan till you get the possession of the house.  AFter you get teh possession of teh house teh intertest paid upto the previous financial year will be deductible in 5 equal installments from the subsequent year.  Also you will get the benefit of the interest paid after you get the possession but the overall ceiling will be 1.50 lacs of pre-emi interest and current year's interset.

do get the full benefit of interest paid, you can let-out the property to someone and then claim the full amount of interest paid.  In this way you will incure a loss if any & this will be set-off against yoru salary. But the loss shud exceed Rs 1.50lacs, else you can show it as an self occupied property.

What is the logic behind imposing a ceiling for a person who is not earning anything from the property and giving limitless interest benefit for who is earning further benefit from the same property? :)

just consider the interest deduction from house property income like an business income.  Wahtever you earn from your business the expenditure that you incur for earning teh income is deductible wholly.

Similarly whatever expenditure you incur for earning income from property it will be wholly deductible.

The deduction upto 1.50lacs is being provided by the government mainly to provide some releif to teh salaried class so that they can get the benefit upto 1.50lacs. 

If you do not earn any income from a property then you wont be allowed to take full dedcution.