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Can we avail IT benefits on second property?- Property Hotline
Posted
September 2, 2016
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23
September 2, 2016
23
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5:02Now PlayingExpert: Kartik Jhaveri, Founder & Director at Transcend Consulting India Pvt Ltd.
Question: I have bought a second property for which I've taken a loan. I am yet to get possession. Can I avail any I-T benefits?
Answer: Yes you can claim the IT benefits only after you get the possession of the property. Once you get the possession, the interest component of the pre-EMI (or full EMI) is aggregated and deduction is allowed in five equal instalments beginning from the year in which the construction is completed. When it comes to the repayment of the principal amount, no deduction is allowed on the EMI repaid during the years that the property was under construction.
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