Income tax rebate u/s 24

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  1. VKJ

    VKJ New Member

    I am a Govt. servant and filing return for the FY 2015-16.
    I am referred to your website about home loan tax rebate and found it quite explanatory and useful.

    However in my particular case I need some clarification and your expert guidance.

    I've taken a Home loan in Dec 2011 under the construction linked plan for construction of a new home in Greater Noida (Part of National Capital Region but otherwise falls in UP Municipal coorporation range).

    (1) The first installment of the loan from the Financier bank was released in Dec 2011 and the last installment was released in Jan 2013.

    (2) The property is in my name and I got possession of the house in Nov 2015.

    (3) Although I took the possession of the new house but it has not been used by me by the reason of the fact owing to my employment, carried on at New Delhi and I have to reside at Govt. provided Quarter in New Delhi only. The house is still lying vacant.

    Now looking at very first table at your website I am little confused and worried about my tax rebate limit u/s 24 (Rs. 2 Lakh or 30000/-) and got two queries, boggling in my mind:

    (1) Should my house falls under the category, 'Not Self Occupied Property', so that I can avail max rebate limit of Rs. 2 Lakh u/s 24.

    (2) Should my case fall in 'Construction completed within 3 years'? (Counting from end of the FY 2012-13 of last loan installment release, i.e. Jan 2013) so that I can avail max rebate limit of Rs. 2 Lakh u/s 24.

    Please clarify and suggest (if possible) so that I can avail maximum tax rebate limit u/s 24 .

  2. VKJ

    VKJ New Member

    Can anybody in the forum reply and help me out as the last date is tomorrow.
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