13 December 2015
I took the housing loan recently from the bank on purchasing the plot.Still the construction of the plot is not at over.
At this juncture shall I eligible to claim interest on housing loan as well as HRA both as I am staying in rented house at presently.
14 December 2015
You can claim HRA only now. Accumulate the interest on housing loan till the completion of house and claim it over 5 years after completion.
14 December 2015
Definitely till Possession of Plot you can Claim HRA. Deduction of Home Loan Interest cannot be claimed when the house is under construction. The period from borrowing money until the construction period of house is called Pre-Construction Period. Pre-construction Interest Deduction allowed for Interest payments made deduction of the Pre-construction period is divided in 5 installments From the Year Which house is completed. Can be claimed Subsequent 4 years immediate to succeeding previous year in the year which Completion take place.
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