Can I claim Income Tax for home loan which(flat) is under construction?

Posted on Jul 7, 2024 in Stated Income Loans

Question by swaroop: Can I claim Income Tax for home loan which(flat) is under construction?
Can I claim Income Tax for home loan which(flat) is under construction.
Do I need to occupy the house for claiming the Income Tax. What is the criteria for claiming and how much I can claim.

Best answer:

Answer by Himanshu Goyal
As per indian income tax act 1961, erectile cost you can claim deduction for repayment of home loan(principal amount) for home which is ready and not under construction. this deduction is available under section 80c upto maximum of rs. 1 lac.
also u can claim interest deduction under section 24 after the completion of house and the interest for the period of construction can be claimed after construction in 5 years.

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2 Comments

  1. pankajsethjmt November 23, 2012

    u clam if u take homeloan from bank. U claim only ur yearly EMI less than 1lakhs.

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