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Claiming tax exemption on home loan for buying a plot.

Guest

I have taken a home loan to purchase a open plot.I have not yet started construction of the house on this. Can I claim tax exemption for the principal and interest amount I am paying to re-pay the loan.

Pre-construction home loan interest: claim aggregated pre-construction interest in five annual instalments from completion year, per guidance. Aggregate all interest paid on the home loan before construction completion and claim the aggregated pre-construction interest in five equal instalments over the five successive years starting from the year of completion; the response addresses only interest and does not discuss principal treatment. (AI Summary)
Income Tax
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Guest on Apr 3, 2015

The interest on Home Loan paid to the bank before the construction completed should be aggregated and shall be claimed the said amount in 5 instalments for five successive years from the year of completion of the construction.

see the below link http://www.charteredclub.com/tax-benefit-on-home-loan/

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