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Hi, I have a taken a composite home loan for purchase of a site. As per the terms, the loan is called composite home loan since there is a requirement to start construction of a house in the site within 2 years from purchase. If the construction is not started then the interest rates will be raised to that of commercial (personal) loan. I have registered the site and hence commenced the loan in May 2013. My question is as follows: Can I claim exemption on the interest paid (under section 24 or any other)? I stay in a rented house and so I am claiming HRA deduction. Additional information - I have another site which I purchased in 2007 and the loan is nearing completion. I have not claimed any IT deduction on this. This is a composite loan as well and since I have not constructed a house within 2 years I'm paying commercial rate of interest for this loan. These are the only two properties (both sites) that I have in my name. I am not married. Thanks in anticipation! asked Nov 22 '13 at 16:23 by VeeJay 1●3●5 |
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Under section 24, you would only be able to claim income tax benefit for such loan once the construction of house is completed. answered Nov 23 '13 at 01:00 by Pankaj Batra 5.2k●3●20 |