Tax benifit on housong loan interest

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  1. Ramachandranvk

    Ramachandranvk New Member

    I am having a flat in Bangalore and it is let out. I had loan on this property and I had closed it in 2012.
    Now I stay in Mysore in a rented house and I took a loan to purchase a house here. Now house is under construction and it will get completed n 2016-17. I had paid interest on loan amount provided for land purchase and construction up to slab. Is it possible to claim tax benefit on the interest paid in 2015-16?. I have claimed HRA benefit for the year 2016-17.
    Is this qualify for non occupied property as construction is yet to complete?, Is notional rent need to be shown in this case?

    Please give your advice considering above scenarios.
  2. Karan Batra

    Karan Batra Well-Known Member

    As the house for which you have taken the loan has not being completed and is still under construction - you cannot avail the benefit of deduction for the financial year.

    The benefit would be available only after the completion of construction
  3. Ramachandranvk

    Ramachandranvk New Member

    Thanks Mr. Karan for the clarification
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