Tax benefits admissible for constructing a new house

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  1. Sir,
    I have started constructing a house in the month of November 2015 and likely to complete it by August 2016. I am a salaried employee and a tax payer. This is the only one house I pocess. Please let me know the benefits available on this score. Further what are the documents to be submitted alongwith return for this purpose.
     
  2. gaurav_kumar

    gaurav_kumar Well-Known Member

    You should keep a copy of all the invoices for amount spent on construction.

    These expenses would be considered as cost of improvement and you can claim these as an expense when you sell the house. This will reduce your capital gains tax
     
  3. V K Khanna

    V K Khanna Active Member

    You don't need to submit any document along with your Return of Income.
     
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