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
Read more
Reply
1 Replies
Sort by :Filter by :
  • 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)
    CommentQuote