IT Exemption u/s 24 of IT Act

Share This Thread
  1. Ankurgee

    Ankurgee New Member

    Dear Forum Members
    My Case is regarding a New (Under Construction) Flat I booked in June 2010 with a builder.

    The flat costed 40 Lacs at the time of booking for which i took a loan of 30 Lacs under CLP (Construction Linked Plan) The builder is yet to offer me possession of the flat. i'm also paying pre emi on the flat.

    Now I read about Section 24 of IT Act (regarding interest waiver). The Act says if the possession is not happening in 3 years than instead of 1.5 lacs interest waiver i'll b given a flat waiver of 30k only. The act no where mentions about the complete loan disbursement or date of first disbursal.

    so my Query is Loan Disbursal Date of first installment or last installment will b considered for the calculation of Pre EMI waiver.
Draft saved Draft deleted
Similar Threads Forum Date
Home loan interest exemption Income Tax May 3, 2017
Capital gains exemption Income Tax Mar 29, 2017
80G exemption Income Tax Mar 24, 2017
Capital gain exemption Income Tax Mar 24, 2017
Exemption on Medical Expenses for Proprietor Income Tax Mar 19, 2017