cpc

section 24(b) benefit-house loan


I am planning to buy an under-construction property. But I am opting for Down Payment (DP) plan, in which the bank will disburse the loan amount in full and I shall pay the margin amount in full. Full EMI will start from the 1st day. My question is: Do I have to claim interest exemption u/s 24(b) during 5 years from the year of completion of the flat (as is normally the case for under construction property), or (since all payments are made in full) I can claim tax benefit for interest payment upto Rs.1.50 lacs in this Financial year itself?

 
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27 views to the post but no answers !!!!! Either my question is extremely silly or extremely tough:P

No.. seriously .. someone please advise..

 
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Advocate

For an under construction flat your pre-emi payments qualifies only 1/5 of the interest payments. Once the construction is complete and a occupancy certificate is issued you can claim the interest amount completely (subject to 1.50 lakhs in case of self occupied premises).


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Atlast someone replied !! Thanks A V Vishal.

 
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I have bought one underconstruction flat in Mumbai but now due to my job change, I had to relocate to Delhi where I am staying on rent. Since, My property is in mumbai and not yet get the possession but I am paying interest (EMI). Please suggest can I get a tax benefit of both on EMI & HRA (in Delhi)?

 
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