Income Tax benefit on Interest on Home Loan - 3 Years period from end of FY in which capital is...

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  1. ARA

    ARA New Member

    Dear Sir,

    I had availed of Home Loan in 2009, loans was sanctioned and first disbursement made within FY 2009-10.
    The Loan is linked to construction of the project.
    I am the owner as well repaying the home loan which I had borrowed.
    Final disbursement of loan was made in FY 13-14. The Builder offered possession in FY 13-14.
    As per Sec 24 of IT Act, maximum tax deduction upto Rs 2 Lakhs in respect of interest on Home Loan shall be available if construction is completed within three years from the end of the financial year in which capital was borrowed. Otherwise it is restricted to Rs. Thirty Thousands only.

    Please clarify whether I am eligible for deduction of Rs 2 Lakhs or Rs 30,000/-.
    Thanks in advance!!

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