Author Topic: Home load rules and regulations in india -incometax laws  (Read 12 times)

Offline certforumz

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Home load rules and regulations in india -incometax laws
« on: August 07, 2018, 08:26:48 AM »
Check out this article for detailed information on how tax exemption on interest paid Section 24 is applied. It is to be noted that the interest is accrued till the possession of the house or completion of construction. The accrued interest portion is to be claimed in 5 equal instalments after completion of the house construction. Read this article:
https://www.charteredclub.com/tax-benefit-on-home-loan/

If the construction is delayed more than 5 years, then only 30,000 per year is allowed towards tax exemption. 0 to 5 years, 2 lakhs is allowed under tax exemption under section 24.

Principal amount paid comes under sec 80C and clubbed with others like PPF etc.