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Can we claim tax benefit on self-occupied plots?- Property Hotline
Posted
October 27, 2016
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122
October 27, 2016
122
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3:12Now PlayingExpert: Suresh Surana - Founder, RSM Astute Consulting
Question: I pay rent on a home in Mumbai and I pay EMIs on a home in Pune. Can I claim a benefit of Rs 3.5 lakhs on my EMIs if the flat is not occupied? I have paid interest of Rs 3 lakhs before possession; can I claim a tax benefit for this?
Answer: Single house owned to be claimed as self-occupied. Maximum benefit in case of self-occupied- Rs 3.5 lakhs (Interest -Rs 2 lakhs and Principal- Rs 1.5 lakhs). Interest for the pre-construction period is available in 5 installments, however, total interest deduction capped at Rs 2 lakhs per financial year.
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