Income Tax Deduction for HBA Interest

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  1. gopal meharchandani

    gopal meharchandani New Member

    I HAVE TAKEN HOUSING LOAN FOR PLOT RS.38,00,000/-ON 13TH OCTOBER,2013. IN THIS CASE WHAT AMOUNT OF DEDUCTION IS ADMISSIBLE FOR HBA INTEREST,AS WELL AS INDICATE WHAT CERTIFICATE IS NECCESSARY TO BE GIVEN ON DECLARATION FORM TO TAKE DEDUCTION OF HOME LOAN.PLEASE INDICATE PROPERLY.
    AS PER MY KNOWLEDGE THE CONSTRUCTION IS TO BE COMPLETED WITHIN 3 YEARS FROM THE DATE OF DRAWAL OF LOAN. THE REBATE IS ADMISSIBLE RS.2,000,00/-UNDER SECYION 80EE.
    IS IT CORRECT?
    IN THIS CONNECTION I WANT TO KNOW MORE AS MY CONSTRUCTION IS NOT TO BE COMPLETED IN 3 YEARS. MAY I TAKE DEDUCTION REBATE UNDER SECTION 24 IN 5 EQUAL INSTALMENTS FROM A.Y2015-16
     
    Last edited: Oct 12, 2014
  2. rudrabose

    rudrabose Active Member

    1. The Rebate admissible for Interest on Home Loan is 2,00,000 under Section 24.

    2. However, the deduction would be allowed only after completion of the house. The interest paid before completion would be aggregated and then allowed as a deduction in 5 installments. For more details, kindly refer - http://www.charteredclub.com/tax-benefit-on-home-loan/
     
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