Exemption on Home Loan under construction property but started pay EMI

Ask the Community
1

Hi Community,

Exemption on Home Loan under construction property but started pay EMI. If Yes please share the provision of the same.

2

Exemption of House loan interest will be a maximum of 2 lakh exemption and 1/5th pre-EMI interest can employee claim in IT. Also, the housing loan principle covers under 80C which is a maximum exemption of Rs.150000/- Please let me know exact your query that can able to answer you.

3

One of my employee taken home loan but the property is under construction and he started paying EMI. So he wanted to know whether he can claim the tax exemption.

If yes, then i need provision before giving him the benefit.

4

Deduction on home loan interest cannot be claimed when the house is under construction. This pre-construction interest can be claimed only after the construction is finished.