Question associated to house mortgage – #4 by ramubhai – Basic – Buying and selling Q&A by…

Verifying margin shortfall penalty from NSE - #16 by Hardeep - General -...

For underneath building property you can’t declare tax advantages until possession. The curiosity you paid earlier than possession is tax deductible in 5 instalments from the yr of completion of building.
You can claim 1/5 of curiosity paid, from the yr of possession.
Beneath part 24(b)you’ll be able to declare tax deduction per yr of INR 2 lakh.
If that is your first home you’ll be able to declare extra curiosity deduction of INR 1.5 lakh underneath part 80C.
Should you personal one property or a couple of property underneath part 80 C the utmost deduction you’ll be able to declare is INR 1.5 lakh per yr.
Should you promote the home inside 5 years of possession the quantity you claimed as deduction can be thought-about revenue for the yr.

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