Question
IT rebate for underconstruction Flat?
I have purchased underconstruction flat in March 2009.I will get its possession in Dec 2010.But I have started my EMI.Also I disbursed 50% of sanction loan to builder.I have yet to get its possession.If I couldnt get IT rebate,I again have to pay for it.So I want to know the rules for Home loan IT rebate.Is there any terms specified that deals with possession.Really I am confused.
1 month ago - 1 answers
Best Answer
Chosen by Asker
You cannot claim any tax benefits for under construction flat. You have to Waite till Dec.2010 to alive full tax benefits. That is till next year. The interest paid on home loan (from now) till the completion of the house can be claimed separately from next year @20% every year for 5 years.
by N J Reddy
1 month ago
Asker's Rating: 