Income Tax benefit on Interest on Home Loan - 3 Years period from end of FY in which capital is...

Share
Share This Thread
  1. ARA

    ARA New Member

    Dear Sir,

    I had availed of Home Loan in 2009, loans was sanctioned and first disbursement made within FY 2009-10.
    The Loan is linked to construction of the project.
    I am the owner as well repaying the home loan which I had borrowed.
    Final disbursement of loan was made in FY 13-14. The Builder offered possession in FY 13-14.
    As per Sec 24 of IT Act, maximum tax deduction upto Rs 2 Lakhs in respect of interest on Home Loan shall be available if construction is completed within three years from the end of the financial year in which capital was borrowed. Otherwise it is restricted to Rs. Thirty Thousands only.

    Please clarify whether I am eligible for deduction of Rs 2 Lakhs or Rs 30,000/-.
    Thanks in advance!!

    Abhishek
     
Draft saved Draft deleted
Loading...
Similar Threads Forum Date
Regarding Second House income tax benefit. Income Tax Aug 31, 2017
income tax for retirement benefits Income Tax Mar 25, 2017
Income tax benefit on Home Loan Income Tax Jan 11, 2017
Income Tax benefit under National Pension Scheme Income Tax Nov 6, 2016
How to get exemption of income for survival benefit in a moneyback insurance policy Income Tax Jul 23, 2016