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Housing loan

Joshua Dsouza (155 Points)

15 November 2020

Hello sir.
Can I claim interest on housing loan before the construction is complete????

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Income Tax Wala: (Fin. Expert) (Chartered Accountants) (2015 Points)
Replied 15 November 2020

No you can't availe benefit in such way,

you can claim the benefit of interest on a housing loan in the year of completion of house.

all the previous accumulated interest can claim in 5 equal installment starting from the year of completion.

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ayusmita (Tax consultant) (5885 Points)
Replied 16 November 2020

No you can't

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Shivam RC (Student) (23683 Points)
Replied 16 November 2020

Yes neither the Interest portion [ Section 24(b) ] nor the Principal repayment portion [ Section 80C ] can be claimed during the construction stage of the House Property. However the preconstruction Interest can be claimed in 5 equal successive installments starting from the year in which the construction is completed.

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