Question by goura chandra r: can i avail the benifit in income tax for the home loan when my house is under constraction?
I have taken a home loan from SBI and my house is under constraction .
Best answer:
Answer by Rajababu
No , dosage sales you can not take home loan benefits before completion
of house.
the important point is that if you completes your house before end of f.y i.e before or on 31.03.2008 then all the benefits will available to you.so in simple words benefit is available if house is completed by the end of the previous year.
now ,what is the meaning of completion of house?
“a residential house property the income from which is chargeable to tax under the head Income from house property”
In simple words no completion certificate is required from any authority what so ever ,u r the boss to decide whether its complete or not ,but it should be logical like you have basic facility in it according to general terms .so complition of house is a subjective term ,but its fulfill all the conditions if some one starts living in that house.
so dear try to complete it by 31.03.2008 you have two month and you can avail all the benefits.
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