Home loan interest

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

28 September 2014 I had taken home loan in Feb 2009 and construction of flat was completed in Dec 2012. The flat is let out. Am I eligible to claim tax benefit for the interest paid during pre construction period in 5 parts, as the construction was not completed in three years.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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28 September 2014 if the property is self-occupied, the pre-construction interest will be allowed but within the limit of Rs 30000 per year.

Querist : Anonymous

Querist : Anonymous (Querist)

28 September 2014 The property is not self occupied and is let out. So can I claim tax benefit for the interest paid during pre construction period. Please note that the construction was not completed within three years.

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Nikhil Kaushik

Nikhil Kaushik (Expert)
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28 September 2014 see the whole interest restrictions are only applicable to self occupied properties. once it is let out, no restriction is applicable