Announcement

Collapse
No announcement yet.

Is the Home Loan interest amount exempted from income tax?

Collapse
X
Collapse

Is the Home Loan interest amount exempted from income tax?

Last updated: February 14 2007
1 | Posts
6247 | Views
  • Time
  • Show
Clear All
new posts

  • Is the Home Loan interest amount exempted from income tax?

    Dear all
    I bought a plot in August 2005 and started construction.The house is not yet complete. During Construction upto March 2006, I paid an interest of Rs.14,000 on the home loan to a public sector bank. Is the interest amount exempted from income tax? If so, to what extent and under which section can the rebate be claimed ? there is no income from the house during the relevant period.
    Last edited February 14 2007, 12:42 PM.
  • #2

    #2

    Re : Is the Home Loan interest amount exempted from income tax?

    Hai Smantha,

    As I know,

    Income Tax exemption can be sought only once the construction is complete. You can seek tax benefits only from the financial year in which the construction is complete. There will be no deduction for the year in which the construction is still on as at the end of the year. So for the year ended March 31, 2006, there will be no; tax benefits.

    Comment

    Have any questions or thoughts about this?
    Working...
    X