Hi All,

Can anyone please elaborate what does the It Act say in the case of deductions available for the interest and principal amount payments made for the home loan taken to purchase a property to be used for residential purpose.

Here by PROPERTY I mean, a unit bought under flexi/CLP plan from a builder whose possession is due in 3-4 yrs down the line, but partial/full loan disbursal already done and end user has started paying home loan installments, before the possession.
Read more
Reply
18 Replies
Sort by :Filter by :
  • Section 24(B)

    Well i have a query here, please help.

    I bought a flat which took more than 3 years (appx. 5 years) to complete the construction (from the day i booked and started paying EMI).

    My query is,

    I have taken this flat in 95% down payment and have paid appx 3 lakh as interest to bank before completion of flat. The construction took around 5 years to complete. How much rebate i would get as per section 24(B). Please note this flat is not self occupied it is on rent from Day 1
    CommentQuote
  • Can we claim 24b if we have provisional possession letter for this F.Y ? property brrought in this f.y itself.
    CommentQuote
  • Originally Posted by satyaprakash47
    Can we claim 24b if we have provisional possession letter for this F.Y ? property brrought in this f.y itself.


    Can any experience member/C.A have an answer of my question?
    CommentQuote