Under construction House How to Claim Tax Deduction on Home Loan Interest Payments (2)
Most of us know that a home loan borrower can enjoy tax benefits on the principal and interest amount that is paid towards loan. But not everyone is aware of the advantage available to those who have taken home loan for construction purpose. Yes, even if your property is still under construction, you can still enjoy the benefits of Indian tax deductions by smart moves. Blog: https://financebuddha.com/blog/how-to-claim-tax-deduction-on-home-loan-interest-payments-for-under-construction-house Apply for Loan: https://financebuddha.com/home-loan
Most of us know that a home loan borrower can enjoy tax benefits on the principal and interest amount that is paid towards loan. But not everyone is aware of the advantage available to those who have taken home loan for construction purpose. Yes, even if your property is still under construction, you can still enjoy the benefits of Indian tax deductions by smart moves.
Blog: https://financebuddha.com/blog/how-to-claim-tax-deduction-on-home-loan-interest-payments-for-under-construction-house
Apply for Loan: https://financebuddha.com/home-loan
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What happens if I sell the house property within 5 years of completing it<br />
<str<strong>on</strong>g>c<strong>on</strong>structi<strong>on</strong></str<strong>on</strong>g> through home loan?<br />
In such cases, tax implicati<strong>on</strong>s will be attracted <str<strong>on</strong>g>to</str<strong>on</strong>g>wards home loan. All deducti<strong>on</strong>s<br />
enjoyed through this featured will be reversed <str<strong>on</strong>g>to</str<strong>on</strong>g> your income tax calculati<strong>on</strong>s and a<br />
lump sum amount will have <str<strong>on</strong>g>to</str<strong>on</strong>g> be paid. It will simple be your income of the particular<br />
financial year which is taxable.On the other hand, if you decide <str<strong>on</strong>g>to</str<strong>on</strong>g> sell the property<br />
<str<strong>on</strong>g>to</str<strong>on</strong>g> use the fund <str<strong>on</strong>g>to</str<strong>on</strong>g> invest in a self-c<strong>on</strong>structed house, then it is possible <str<strong>on</strong>g>to</str<strong>on</strong>g> claim<br />
exempti<strong>on</strong>s <strong>on</strong> capital gains as l<strong>on</strong>g as the new property is completed within 3 years<br />
of the sale of old house (asset).<br />
Knowing the terms and c<strong>on</strong>diti<strong>on</strong>s and how tax is calculated <strong>on</strong> house property<br />
which are under <str<strong>on</strong>g>c<strong>on</strong>structi<strong>on</strong></str<strong>on</strong>g> will definitely help you <str<strong>on</strong>g>to</str<strong>on</strong>g> manage your tax and you will<br />
also be able <str<strong>on</strong>g>to</str<strong>on</strong>g> enjoy lot of tax benefits. Knowing what can be availed and applying<br />
for the same at the right time will help you in getting maximum tax benefits within a<br />
financial year.
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