The Construction was completed in April 2011.
PPF Account, Tax Saving Fixed Deposits, Equity Oriented Mutual funds, National Savings Certificate, Senior Citizens Saving Scheme etc.
50 Lakhs and the value of loan taken is less than.
In some cases, it may happen that the Interest paid is more than the Rent earned which will result in Loss from House Property.Interest paid on a mortgage is tax deductible if itemized on the tax return.In case the loss cannot be set-off against income from other sources in the same financial year, the loss can be carried forward to future years and set-off against income arising from House Property for the next 8 financial years.(Preeti Khurana is a chartered accountant and chief editor at ).Tax Benefit on Home Loan.So, if you meet edu software discounts all the conditions laid out in Section 80EE, do remember to claim the deduction while filing your tax returns for financial year 2014-15.Non Self Occupied Property: No Limit.4) Deduction on pre-construction interest: While deduction for interest can be claimed starting the financial year in which the construction is completed, you can also start claiming pre-construction interest from the same year.(Recommended Read: Income Tax Slab Rates ) If you need further assistance regarding Tax Benefits of Home Loan, you can book an appointment with the author of this article and get all your queries resolved Book an Appointment with CA Karan Batra.Stamp Duty Registration Fee is also allowed as tax deduction under Section 80C even if the Assessee has not taken Loan.Now, As per Section 24 of the Income Tax Act, tax deduction for payment of Interest would only be allowed from financial year 2011-12 onwards. .This deduction can be claimed starting the year in which the construction of the house is completed.The aggregate amount of tax deduction already claimed in respect red fm lohri contest winner of previous years shall be deemed to be the Income of the Assessee of such year in which the property has been sold and the Assessee shall be liable to pay tax on such income.The amount paid as Repayment of Principal Amount of Home Loan by an Individual/.