Topic: Can I get tax rebate on constructing property

I am purchasing a property and paying 1/3 of amount this time and will get the possession after 3 yrs. Right now I am going for home loan for rest 2/3 of amount

1. Can I get the rebate on my 1/3 payment? if yes then when
2. can i get the rebate of my 2/3 payment? if yes then when

Please provide me solution asap.

The whole discussion is under Indian Tax.

For the 1/3 down payment that you make, no tax benefits shall be available. But Ampunt paid towards stamp duty is eligible for deduction U/S 80C

Further for the remaining 2/3 you will get deduction for both: i.e Principal and Interest repayment.

Principal is allowed deduction U/S 80C and Interest is allowed deduction U/S24(b).

The following link will clarify the issue further

http://www.itrust.in/content/personal-finance/Tax-Tips-Tell-me-What-are-the-tax-benefits-of-taking-a-home-loan-and-owning-property

You mean the following:

1. for the 1/3rd amount which is paid: will never get tax rebate ?
2. For the rest 2/3rd :
Interest: rebate only after completion of construction in 5 terms? will I get the rebate of constructing period or not?
Principal: please cleare same as Interest?

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