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 3 years ago in Income Tax from Lucknow, Uttar Pradesh
when your construction is completed.
on completion of construction or on possession
Asked 3 years ago
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.