I have a house (which is currently vacant) in Faridabad, while I stay in New Delhi. I had constructed this house through a home loan. Will I get the benefit of maximum amount Rs. 2 lakhs (home loan interest) under Income Tax laws or is there a limit to the benefit under current circumstances. Please advise.
Menu
Treatment of interest on home loan for a vacant property
Replies (2)
yes you cn avail the benefit of rs 200000 u/s 24(b)
in case of loan for constructed property, construction should be completed maximum within five years (earlier this was 3 years) from the end of the financial year of loan. for example if loan has been taken in f.y 2015-16 the construction should be finished by 2020-21. thus in your case you have to check when construction of your house has been finished. maximum limit for interest amount is RS 2 lakhs and principle can be claimed u/s 80C for RS. 1.5 lakhs. also if your Delhi house is also your own house then you have to assume house property income on that.
Recent Threads
- Unorganised chit amount
- LTCG tax late payment interest
- Post pension deposit in Swiss account
- Max FD super senior citizen can make.
- Capital Gains Tax Bonds
- Timing difference in availment of ITC reporting in
- Import of goods and igst related
- DGFT licence port mismatch with Postal (PAD) impor
- Tax on sale property (Land)
- Recruitment for Jr.Accountant.
Related Threads
CAclubindia
