HOUSE LOAN TAX Query

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  1. sgsg

    sgsg New Member

    Dear Sir
    I have availed house loan of about 850000 (eight lakhs and fifty thousand) from HDFC in 2001 and completed the house in 2001 and later in 2005 transferd the amount to SBI and availed addition amount of Rs.900000 (nine lkhs) for further construction of the sdame properety and thus from 2005 onwards the amount of loan from SBI is around 1800000/ >
    Mu question is am I completely eligible for the entire amount of Rs.1800000/ though the house was completed in 2001.

    Pl forward the answer to [email protected]
    rgds
    ss
     
  2. sgsg

    sgsg New Member

     
  3. ZED

    ZED Well-Known Member

    By further construction do you mean extension?
    It is possible to claim the deduction for principal amount u/s 80C.

    It is possible to claim deduction for interest u/s 24(b) subject to the limits and conditions mentioned therein.

    Is the house rented or leased out?
    Whether the part of the house was let out?
    What was the purpose of construction?
    How was the constructed area used/ is intended to be used.
     
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