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Income Tax Rebate on Pre-EMI and EMI for underconstruction project

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Income Tax Rebate on Pre-EMI and EMI for underconstruction project

Last updated: December 6 2011
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  • Income Tax Rebate on Pre-EMI and EMI for underconstruction project

    Hi All,

    Can someone provide me info on income tax rebate on principal and interest paid for home loans for underconstruction projects:
    1. Under construction project with Pre EMI ( Partial disbursement of loan from bank)
    2. Underconstruction project with EMI ( Full disbursement ) but project will be delivered in 3 years

    Do I get the rebate benefit on this.

    TIA
  • #2

    #2

    Re : Income Tax Rebate on Pre-EMI and EMI for underconstruction project

    You can avail the Principal paid benefit under Income tax return - but this amount will be included in 1 Lac ( where you have your PF , LIC etc) , not other benefit .

    Whereas interest is concerned - Ypu can avail the benefit only when you have taken the possession or have Registered / Or done lease deed. Else for entire 2 yr no benefit.

    Next from 3rd year onwards - you can take max benefit to 1.5 lac .( If the Interest is less than that , then you can avail the benefit for last 2 year of intrest paid ( but again max to 1.5 lac only)

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