Under Construction House Tax Benefits are entirely different than the ready-to-occupy or completed house home loan tax benefits. Many of us avail the home loan mainly because of the tax benefits. However, we forget one important aspect of understanding what are the tax benefits available for under-construction houses.
Yesterday I was confused when this issue was raised by RIA in one of our professional Whatsapp groups. Hence, thought to write a detailed post on this.
In many cases, you avail of the loan but the construction of the property is not completed. You may be paying just interest during this period or the regular EMIs which involve principal and interest. But whether one can avail of the tax benefit like regular ready-to-move-in property home loans under Sec.80C, Sec.24(b), and Sec.80EEA?
What is Under Construction Period or Prior Period of House?
Prior Period or under construction period means the period commencing on the date of borrowing and ending…
