Is there any income tax benefits applicable if your house is under construction? Or do the benefits start after the ready possession? can loans be taken and tax deductions claimed during the construction period? thanks
RE:House under construction
by Amitabh on Jun 10, 2007 10:39 AM Permalink
The benefit of principal deduction under sec 80C can be claimed once the construction is complete.For interest,the deduction of interest for pre construction period is available but in 5 equal annual instalments begining with the year when construction is complete.
