1. Advisorkhoj
  2. Post Your Queries
  3. Home Loan
  4. What Tax Benefit on Home Loan you get if project is delayed

What Tax Benefit on Home Loan you get if project is delayed

Hi, i have running home loan account since 2009, my housing project got delayed & have not got possession so far but i have paid 95%. Can i get benefit on tax from my home loan installment which i am paying since last 5 yrs or can i get benefit of interest paid against my home loan.

Dec 20, 2014 by sulabh, new delhi  |   Home Loan

Unfortunately you can neither claim Section 80C tax benefit for principal repayment nor can you claim deduction for interest payments under Section 24, unless the construction is complete and the possession handed over to you. Many home owners like you have suffered because their projects got delayed. However, for the interest part, once you receive possession of your house, you can claim benefit for the aggregate interest paid till you have received possession in five equal instalments starting with the year in which you received possession.

comments powered by Disqus
You haven't found the answer for your queries? Do post your queries to us.

© 2016 Advisorkhoj - A Gamechanger Business Services (I) Pvt. Ltd. Brand - All Rights Reserved