Home Loan Tax Benefits for 1st time buyer

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  1. manjunathhomeloan

    manjunathhomeloan New Member

    Dear sir.
    i am planning to buy a under construction home for first time,my loan is sanctioned around rs 2600000 and this month last week around 1500000 to be credited to builder account.construction may be completed within Aug-15 and my emi will start from next month onwards i.e april-15
    what are the benfits from incometax
    now i am in rented house
     
  2. rudrabose

    rudrabose Active Member

    The tax benefits for repayment of principal and interest component of the Home Loan can be claimed only after the property is fully completed and the completion certificate has been awarded.

    Till the time the property is under construction - you cant claim any tax benefit.
     
  3. manjunathhomeloan

    manjunathhomeloan New Member

    AFTER COMPLETION OF HOUSE CAN I USED THIS BENEFITS FOR THE SAME FINANCIAL YEAR
     
  4. rudrabose

    rudrabose Active Member

    You would be able to claim deduction for the principal amount repaid and interest after the completion of construction.

    For the pre-construction interest, you can claim deduction in 5 equal installments after completion of construction.

    For principal repaid before completion, no deduction would be allowed.
     
  5. manjunathhomeloan

    manjunathhomeloan New Member

    THANKS FOR YOUR INFORMATION
     
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