22 March 2010
If you have taken housing loan against the house then the interest paid before the year in which construction is completed is allowable in 5 equal instalments from the year of completion for 5 years
22 March 2010
There is no rebate. Only deduction under section 24(b) and 80C of the Income tax Act,1961. As far as interest portion(24 b) is concerned Aditya Sir had given an answer for which I too agree. Regarding the principal repayment(80C) deduction will not be allowed since house is under construction/possession yet to received.
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