Tax on home loan

Income Tax Tax Savings & Deductions
1

Hi
I took home loan in May’23 and is under construction and will receive possession in Oct’24.

I have paid Pre Interest EMI of ~20K in FY23-FY24. Can I declare it in FY23-FY24 ITR form ?

2

Hi @Vaibhav_Gupta

No as per law your eligibility to claim interest on the home loan as a deduction begins only upon completion of construction or immediately if you buy a fully constructed property. The interest paid during pre-construction/acquisition period can be claimed in five equal instalments starting from the year in which the property is acquired or construction is completed.

Hope this clarifies.

Thanks

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