Comments on: Can You Claim Interest Deduction Without Completion Of House? http://taxworry.com/can-you-claim-interest-deduction-without-completion-of-house/ Don't Worry Be Happy ! Mon, 26 Jul 2010 18:03:38 +0000 hourly 1 http://wordpress.org/?v=3.0 By: Krishnan http://taxworry.com/can-you-claim-interest-deduction-without-completion-of-house/comment-page-1/#comment-534 Krishnan Fri, 26 Mar 2010 13:52:00 +0000 http://taxworry.com/can-you-claim-interest-deduction-without-completion-of-house/#comment-534 Hi, I have two questions here: 1. Is the principal paid out before actually acquiring the property not entitled for income tax rebate in the 5 equated monthly installments? 2. Post acquisition, if I make a part-payment of the loan during the year, am I entitled to IT rebate on the same? Hi,

I have two questions here:

1. Is the principal paid out before actually acquiring the property not entitled for income tax rebate in the 5 equated monthly installments?

2. Post acquisition, if I make a part-payment of the loan during the year, am I entitled to IT rebate on the same?

]]> By: vishnu http://taxworry.com/can-you-claim-interest-deduction-without-completion-of-house/comment-page-1/#comment-364 vishnu Sat, 14 Mar 2009 09:28:00 +0000 http://taxworry.com/can-you-claim-interest-deduction-without-completion-of-house/#comment-364 Hi gd afternoonn,<br/>I have taken home loan (450000,tenure20 years)from icici bank two years back at Floating rate.<br/>The statement of interest paid during apr08 to march 09 issued from bank to me bank as follows<br/>EMI amount/Prepayment if any:Rs 60989<br/>Principle component:Rs 2695<br/>Interest component:Rs 58294<br/>Bank chrge me EMI Rs.5117 @ 13.25% /annum.<br/>My first question is how should i plan to cover home loan over me.<br/>My second question is I want to do part payment(Rs 150000) against my loan in month of april 09.<br/>whether is it wise to increase interest& reduce tenure?if not how should i plan? Hi gd afternoonn,
I have taken home loan (450000,tenure20 years)from icici bank two years back at Floating rate.
The statement of interest paid during apr08 to march 09 issued from bank to me bank as follows
EMI amount/Prepayment if any:Rs 60989
Principle component:Rs 2695
Interest component:Rs 58294
Bank chrge me EMI Rs.5117 @ 13.25% /annum.
My first question is how should i plan to cover home loan over me.
My second question is I want to do part payment(Rs 150000) against my loan in month of april 09.
whether is it wise to increase interest& reduce tenure?if not how should i plan?

]]> By: What is in a Name ? http://taxworry.com/can-you-claim-interest-deduction-without-completion-of-house/comment-page-1/#comment-164 What is in a Name ? Fri, 23 May 2008 02:48:00 +0000 http://taxworry.com/can-you-claim-interest-deduction-without-completion-of-house/#comment-164 Dear Doss<br/><br/>Thanks for taking time to comment. <br/>However your apprehension is not correct. The word use is "Chargeable" and not Charged.<br/>I actyally posted a detalied answer on this issue in May 2007 . Read the postiing (May 2007)http://www.taxworry.com/2007/05/is-completion-of-construction-necessary.html Dear Doss

Thanks for taking time to comment.
However your apprehension is not correct. The word use is “Chargeable” and not Charged.
I actyally posted a detalied answer on this issue in May 2007 . Read the postiing (May 2007)http://www.taxworry.com/2007/05/is-completion-of-construction-necessary.html

]]> By: doss http://taxworry.com/can-you-claim-interest-deduction-without-completion-of-house/comment-page-1/#comment-163 doss Wed, 21 May 2008 15:37:00 +0000 http://taxworry.com/can-you-claim-interest-deduction-without-completion-of-house/#comment-163 I'm afraid, the opinion given with respect to claiming of deduction u/s 80 C may not be correct, as the specific provision, i.e., Clause (xviii) of subsection 2 of Sec 80C, clearly states that such a deduction is allowed only when the income from such house property is chargeable to tax, which in effect means, the construction of the property has to be complete. I’m afraid, the opinion given with respect to claiming of deduction u/s 80 C may not be correct, as the specific provision, i.e., Clause (xviii) of subsection 2 of Sec 80C, clearly states that such a deduction is allowed only when the income from such house property is chargeable to tax, which in effect means, the construction of the property has to be complete.

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