Topic: Tax rebate by taking a home loan

Dear sir,
I have booked an under construction flat by paying Rs 4 lac in oct 2009 . In Jan 2010 I shall be making a payment of 85% of the cost of the flat and bulk of it will be by securing a bank loan. This Bank loan too will be disbursed in the month of Jan 2010. The possession of the flat will be given in Apr 2013 which is more than 3 yrs away. Sir, in these circumstances will I be given the benefit of getting a tax break in r/o interest paid for the loan when I get possession of the house in Apr 2013. Please take into account the fact that I acquired property (ie booked it) before I took a bank loan (and started repaying) and it's possession is being given to me after 3 yrs of loan disbursement.Thanking you

Dear sir,My first point in your case is that you will not be getting tax benefit for the present year since you have not still occupied the house.However you can claim interst paid on loan as deduction from ur income from the year your occupying it i.e 2013 in ur case...however every year u can still claim 1/5th of the pre construction period i.e from the day u opened the account till the day u occupied it...in other words u wont get deduction at once but u have to wait for 5 yrs to recover ur preconstruction interest

If husband & wife taken joint home loan,can both are entitle to get the rebate of Rs. 1,50,000/- each i.e. Rs. 3,00,000/- in the financial year

Anonymous wrote:If husband & wife taken joint home loan,can both are entitle to get the rebate of Rs. 1,50,000/- each i.e. Rs. 3,00,000/- in the financial year

Hello, I have taken a plot loan from bank A by giving an undertaking that it will be used for construction.
It will be 3 years by end of march 2011 since I bought the plot.
Now I intend to go for construction by transferring original plot loan to a another bank B since bank A is merged with another bank whose interest rates or high for construction. 1. can I claim income tax benefit under 80c and 24 c for the above 2. is there any time limit before 3 years or after 3 years for converting it in to house loan 3. will there be any issues in claiming it for transferring plot loan to another bank as composite loan?
NEED HELP thanks!

Anonymous wrote:If husband & wife taken joint home loan,can both are entitle to get the rebate of Rs. 1,50,000/- each i.e. Rs. 3,00,000/- in the financial year

property is in the name of wife,but i have taken home loan,and my wifi is co borrower. am i entitle for hba

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