Under specific circumstances, as per Section 24, it is permissible to claim tax exemption on the interest paid toward a home loan. While calculating the total tax paid, you can claim a deduction of up to Rs 2 lakh under Section 24. The conditions that you must fulfill while claiming are:
The property must be purchased, built, repaired, renewed, or rebuilt from the loan amount.
The loan is taken out on or after April 1, 1999.
The completion of such a purchase or development must occur within five years of the financial year in which capital was funded.
You must provide a certificate from a banking firm stating the interest on borrowed money to buy a house.
Moreover, it is advised to speak with a tax expert to fully comprehend the eligibility and restrictions related to claiming a tax exemption on house loan interest.
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Authors Of The Question
I had bought a property in 2013 - that is when I took the home loan. I got the possession of property last year only though had finished payment of loan by 2018. Can I claim tax exemption on the interest on home loan as per section 24?
Varun
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1 Answers
1 Year
2023-07-06T09:22:36+00:00 2023-07-06T12:36:27+00:00Comment
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