House purchase on Resale - Tax Deduction?

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  1. pratibhamishra

    pratibhamishra New Member

    i purchased a flat in resale under contruction in december 2010 for which i took loan of which i received possession in oct 2014 [possession offered in march 2014] ihave not taken any tax rebate on the property. how can i now take tax rebate.
     
  2. Aditi Gulati

    Aditi Gulati Active Member

    In case of under construction property:-
    1. No deduction is allowed for the repayment of principal amount till the time the construction is not complete.
    2. The interest on loan for the period when the house was under construction would be added and allowed as a deduction in 5 equal installments after the construction is complete.
     
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