Home loan interest deduction available for individuals and HUFs, subject to ownership, completion timeframe and certificate requirements. Deduction of interest on loans for acquisition, construction, repair or renovation of a house property is allowed to an individual or Hindu undivided ... Summary
Home loan interest deduction available for individuals and HUFs, subject to ownership, completion timeframe and certificate requirements.
Deduction of interest on loans for acquisition, construction, repair or renovation of a house property is allowed to an individual or Hindu undivided family where the property is owned and not let out, construction or acquisition is completed within three years from the end of the financial year in which the loan was taken, and a certificate is obtained from the lending financial institution; pre-construction interest is deductible in five equal instalments beginning in the year of acquisition or construction and reduced by any part already deducted elsewhere, subject to a monetary ceiling.
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