Housing Loan taken for under construction property

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  1. sm5r3

    sm5r3 New Member

    Dear M/s Chartered Club,

    I have taken a home loan for under construction property in November 2012 for an amount of Rs. 15 Lakhs. The concerned bank has disbursed an initial amount of Rs. 6.75 Lakhs to the builder on January 2013. I'm paying EMI of Rs. 7375/-, from Feb 2012 onwards. I have made a prepayment of Rs. 2 Lakhs in October 2015.

    But the current status ( as on June 2016) is, the construction of my block in the project, has not yet started and it will take another 2 years (may start by June 2018) to start the construction. In this situation, please advise the possibility of deduction of income tax against the EMI / Prepayment of housing loan.
     
  2. ZED

    ZED Well-Known Member

    Why the construction has not started yet?
    In exceptional circumstances, which are out of the control of the assessee, the benefit is given to the assessee [In general].
    Do you have any other OWNED house property at the moment?
    Do you intend to use that new property for self occupancy or for renting it out?
    For detailed discussion you may contact me through email
    id: [email protected]
     
    Last edited: Jun 10, 2016
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