Tax Exemption on Interest if Construction not completed in 3 years

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  1. S Arun Kumar

    S Arun Kumar New Member

    Sir,

    1. Can you pl clarify whether income tax exemption on home loan interest will be permitted once flat construction is completed after three or four years?

    2. Can you pl also clarify whether income tax exemption on home loan taken for under construction project likely to be completed within two years will start once flat is handed over or from the year loan is taken?

    Thanks
    Arun
     
  2. Anand Jain

    Anand Jain Member

    1. If the property is not constructed within 3 years, the deduction allowed would be limited to Rs. 30,000 per year
    2. The deduction can be claimed from the year in which the completion certificate is awarded.
     
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