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Can I Get Income Tax Benefit On Under Construction Property
Can I Get Income Tax Benefit On Under Construction Property -
As far as tax benefits are concerned you will not get any benefit during the construction period for servicing the home loan Tax benefits for interest and loan repayments begin only from
You can get the under construction property tax benefit of Rs 1 5 Lakh per financial year on your paid home loan principal amount However you can claim this benefit only after getting possession of the property
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Income Tax Benefit On Second Home Loan Complete Guide
Income Tax Benefit On Second Home Loan Complete Guide
You can claim tax benefits on a Home Loan under construction property up to Rs 2 Lakh under Section 24B and up to 1 5 Lakh under Section 80C of the Income Tax Act Read more here
A home loan borrower can claim Income Tax exemption on interest payments of up to Rs 2 lakh and another Rs 1 5 lakh under Section 80 C towards the principal repayment
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Say you bought an under construction property and have not moved in yet but you are paying the EMIs In this case your eligibility to claim interest on the home loan as a deduction begins only upon completion of construction or immediately if you buy a fully constructed property
Income tax filing Yes you can claim tax deduction for under construction property Here s how to do it Maintaining proof of interest payments during the construction phase is crucial for
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You can get the under construction property tax benefit of Rs 1 5 Lakh per financial year on your paid home loan principal amount However you can claim this benefit only after getting possession of the property
https://cleartax.in/s/case-study-deduction-for-pre-construction-interest
Under section 24 of the Income Tax Act pre construction interest can be claimed for under construction residential property However this can be claimed only after the construction is completed and that too over a period of 5 years
You can get the under construction property tax benefit of Rs 1 5 Lakh per financial year on your paid home loan principal amount However you can claim this benefit only after getting possession of the property
Under section 24 of the Income Tax Act pre construction interest can be claimed for under construction residential property However this can be claimed only after the construction is completed and that too over a period of 5 years
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