Claiming of deduction u/s 24b

This query is : Resolved

sanjay (Querist)
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29 May 2019 Hello All
I want to know that:
I am holding possession of immovable property since 2018 and now I am getting constructed through builder on collaboration from May 2019. Can I claim deduction of interest paid to bank on home loan u/s 24b and 80C.
Please advise.
Regards
Sanjay

C.A. Mayur J. Raiyani

C.A. Mayur J. Raiyani (Expert)
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29 May 2019 Interest payable on loan upto the completion of construction : Interest is allowed u/s 24(b) for five equal instalment. After completion of construction, interest is also allowed until you square off your loan.
Maximum deduction U/s 24(b) allowed is Rs. 2 lakhs.
You can also claim principal repayment u/s 80C