Can we start claiming deduction for home loan interest if one unit of house completed and partial loan amount disbursed by the bank on the basis of work completed. Another unit of house is still under construction and final loan amount not disbursed. Please note that the competent authority has also issued a certificate that one unit of house is completed and can be occupied by the assessee for his residence.
Kindly reply with the case law if any available.
Menu
Home Loan deduction
Replies (3)
If its habitable, and assessee has already occupied the portion, one can claim the interest portion as appropriated to the amount of loan sanctioned for the completed area.
thank you and congratulations
A home loan borrower can claim tax benefit claim income tax exemption on interest payments of 2 lakh and another 1.5 Lakh on principal repayment under section 80c.
house loan taken for an under construction property can be claimed for tax benefit once the Occupancy certificate is received from the builder.
house loan taken for an under construction property can be claimed for tax benefit once the Occupancy certificate is received from the builder.
Recent Threads
- NPS Pre Maturity full exit taxation rules
- Planning to ceased a Business
- Taxation for sale and purchase of REIT shares
- PAN - AADHAR LINK
- RECONCILIATION OF GSTR 2B Vs BOOKS WITH VBA
- Regarding cancellation of GST Number
- GST on business receipts pre -registration
- A Restaurant registered under the Composition Sche
- GST RATE OF OUT DOOR CATERING
- Non resident taxation & income tax in India
Related Threads
CAclubindia
