Home loan interest deduction claim

You can't claim deduction of interest till you are the owner of the house and any interest before that can be claimed in equal installments in the next 5 years.

If you think you won't get the possession and if the amount is huge then ask your office person to pay TDS accordingly without considering the interest so that you are not asked for any interest on advance tax and still there is time for TDS of March month.

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Thank you

Yes, you will not be able to claim exemption in the current year if construction is not completed.

You will be able to claim the pre-construction interest in 5 equal installments starting from the date of completion of construction.

Deduction on account of interest on home loan is available on payable or paid basis. If the interest is payable for F.Y. 2018-19 then it would be allowed otherwise not.

Thanks

Dear Sir,

Hope you are doing well !!

The pre-construction interest incurred on a housing loan is allowed as a deduction in five equal instalments, beginning from the financial year (FY) in which the property has been completely constructed.

The allowability of interest is not linked to the existence of the housing loan in each of the five FYs when the deduction is being claimed. But you can claim deduction only if you continue to own the property in each of the said FYs.

Hi

Yes you will not be able  to claim the deduction for Home loan interest for this year.

It can be claimed as Pre-construction interest in 5 equal installment,beginning ,after the construction is completed.

Hope it helps