WebMay 25, 2024 · Section 80C. You can claim exemption on the principal amount of your home loan under section 80CX. Here you can benefit from a tax deduction of up to Rs. 1.5 lakh. But, you can avail this benefit only after the construction of the property is complete. Also, if you sell the property within 5 years of possession, the benefit will get reversed. WebNo, you cannot claim any tax deduction on home loan in current year. However, you can claim pre period interest i.e under construction periods in 5 equal instalments starting from the period of completion i.e. FY 2024-20. Principal component of your EMIs paid during prior period is not eligible for any tax deduction.

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WebCertain payments for the purchase/construction of residential house property If you have bought a house, then there are certain charges that need to be paid apart from the cost of house. Stamp duty, registration fee and other expenses incurred for buying a house are eligible for deduction from gross total income in the financial year in which these … WebUnder the law, property tax is a charge on the property. Hence, the current owners need to pay any outstanding tax including any amount payable prior to the date of transfer of the … lake county fl inmate

Know The Tax Benefits on Home Loan - Bajaj Housing Finance

WebCharging GST. You are required to charge GST on all construction services. This is regardless of whether the property under construction is a residential or non-residential … WebDec 14, 2024 · GST on under-construction flats/property. GST for affordable housing is 1% and for non-affordable housing, shops, godowns, and offices is 5%. +91 76790 91881 … WebNo, you cannot claim any tax deduction on home loan in current year. However, you can claim pre period interest i.e under construction periods in 5 equal instalments starting … lake county fl jail booking