Interest on loan
This query is : Resolved
15 June 2017
took loan last year for the construction of a house but the person who has taken loan still doesn't have possession of house. is it possible to claim interest on loan deduction and principal payment deduction for fy 2016-17
15 June 2017
Both Interest and principal can be claimed only after completion of construction
15 June 2017
Deduction of interest is allowed against income chargeable under the head 'income from house property' .To have income under the head income from house property, the person should have OWNERSHIP/ DEEMED OWNERSHIP of the property.
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