when your construction is completed.
Tax on property
I have purchased 2nd flat through bank loan which is under construction. I have started full EMI on that and incurring interest on full EMI. When should I declare this for benefit on interest on loan?
Asked 9 years ago in Income Tax
on completion of construction or on possession
Asked 9 years ago
on completion
You can claim deduction after completion of construction. PRE-EMI component need to be claimed in five installments
As soon as you receive possession of completed house property.
Ask a Chartered Accountant
Get tax answers from top-rated CAs in 1 hour. It's quick, easy, and anonymous!
Ask a CA