Tax benefit on House loan interest u/s 24(b) for pre-construction period

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  1. Rishi Agarwal

    Rishi Agarwal New Member


    I have a query on tax benefit given under section 24(b) on house loan intereset for pre-construction period. For current year interest post possession, interest limit for tax benefit is Rs 2Lac. And for interest paid before possession i.e. pre construction period, it is exempted for next 5 consecutive year 1/5 of the total amount in each year. Both of this benefit can be taken together from the year when possession of the self occupied propertly obtained. My query is that -This 2Lac is the upper limit of the interest amount combining both interests (post & pre construction) or this is the limit for current year interest post construction and there is no upper limit for the interest for pre-construction period. Plz clarify.

    Rishi Agarwal
  2. Kartheek

    Kartheek New Member


    Yes,The 2 Lac limit is for both Pre and Post Interest(Combined amount).

    For let out property,anyway there is no limit to claim interest.However , Preconstruction interest will be allowed in 5 equal installments.
    Parul_Gupta likes this.
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