Can I Get Tax Benefit On Home Loan During Pre Construction Period

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Can I Get Tax Benefit On Home Loan During Pre Construction Period
Can I Get Tax Benefit On Home Loan During Pre Construction Period


Can I Get Tax Benefit On Home Loan During Pre Construction Period -

Homebuyers often focus on the cost of the property but they may not be aware of the tax benefits they can avail of during the pre construction phase A borrower of a home loan may be eligible for an income tax exemption on interest payments up to 2 lakh and an additional 1 5 lakh under Section 80 C for principal repayment

The deduction for home loan interest is not applicable during the construction phase of the house It becomes claimable only once the construction is completed The duration from the borrowing of funds until the completion of the

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Can I Get Tax Benefit On Home Loan During Pre construction Period Mint

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However you cannot seek these tax benefits in the pre construction phase i e no tax deductions available for an under construction house even if you have started repaying the housing loan through EMIs

Pre construction interest Interest paid during the construction period of the property is eligible for a tax deduction in five equal installments starting from the year in which construction

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The good news is that the tax benefit of interest paid on a home loan for both the pre construction and post construction periods can be claimed by you Deduction for the interest paid on a home loan can be claimed under Section 24 of The Income Tax Act 1961

A tax payer can claim home loan tax benefits along with house rent allowance in two scenarios A he is paying EMI for an under construction project B he is living in a rented accommodation while his own property is also let out

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Home Loan Tax Benefits On Under Construction Property

https://tax2win.in/guide/under-construction-property-tax-benefit
The deduction for home loan interest is not applicable during the construction phase of the house It becomes claimable only once the construction is completed The duration from the borrowing of funds until the completion of the

Can I Get Tax Benefit On Home Loan During Pre construction Period Mint
Can I Get Tax Benefit On Home Loan During Pre construction Period

https://www.livemint.com/money/personal-finance/...
In accordance with Section 24 of the Income Tax Act 1961 hereinafter referred to as the IT Act the taxpayer would not be allowed to claim the benefit of interest deduction unless

The deduction for home loan interest is not applicable during the construction phase of the house It becomes claimable only once the construction is completed The duration from the borrowing of funds until the completion of the

In accordance with Section 24 of the Income Tax Act 1961 hereinafter referred to as the IT Act the taxpayer would not be allowed to claim the benefit of interest deduction unless

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SECTION 80EEA ADDITIONAL BENEFIT ON HOME LOAN RBGCONSULTANTS

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