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interest deduction under section 24

Sandeep Sharma (Accounts executive) (552 Points)

23 July 2019

A person taken loan for home construction or renovation and he has no income from house property. Can he claim deduction under section 24 of rs. 2 lac against interest paid on home loan??
Please reply sir. Thank you!

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8 Replies

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 23 July 2019

Yes... he can claim.

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siddhesh (si) (198 Points)
Replied 23 July 2019

Dear Sandeep

If Loan is taken for Renovation Upto RS 30000 should be deductible.

if loan is taken for Construction of property then to the extent of RS 200000 it shuld be deductible us section 24

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Sandeep Sharma (Accounts executive) (552 Points)
Replied 23 July 2019

So it means sir this deduction can be claimed where income from house property is 0?

SHIVANI KUDTARKAR (511 Points)
Replied 23 July 2019

income from house property is nil, only in case you have only one property and same is self occupied

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Sandeep Sharma (Accounts executive) (552 Points)
Replied 23 July 2019

Dear Sir, My newly home is under construction for which i have taken home loan. I currently reside in my old home. Can i claim interest deduction as home is still under construction?

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siddhesh (si) (198 Points)
Replied 23 July 2019

Dear Sandeep,

For Under construction of Home any interest paid on them shall be deducted after completion in 5 equal installment i.e for 5 years from completion of house property as a pre construction loan.

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