Clarification needed on Section 24

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  1. GMB

    GMB New Member

    Please refer to the article "Tax Benefit on Home Loan: Section 24, 80EE & 80C" on this website... (link:
    I request calrification on the Eligibility for claiming Tax deduction under section 24. My queries are:

    1. (see the first table in the article) For "Purchase/ Construction should be completed within 3 years": When does the time counting starts? Is it the date of disbursement of the first instalment or the date of disbursement of the last installment of housing loan?

    2. (see the last paragraph in the Section 24) "Moreover, if...within 3 years...Rs. 30 thousand only":
    If the construction is not finished within 3 years of borrowing (as per the clarification to the query 1 above) then the Income tax benifit on interest is reductd to Rs. 30 thousand only. Is it limited only to the self occupied properties or does it cover also the let out properties for which there is no limit on Income Tax relief claim on Interest Part of the loan if the construction is finished within 3 years.
    It would be great if relevent references to sections/subsection of the relevant rules could be provided in the reply.
    Thanks in advance.
  2. Neha Sharma

    Neha Sharma Active Member

  3. GMB

    GMB New Member

    Thank you, Madam Neha Sharma, for the clarification and the link to the reference. It was quite helpful.
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