Tax rebate under sec 80C & section 24

[Asked by Guest]

Dear All,

My friend has total three properties. Details are as follows

Property Particular

1. No Loan (Self Occupied)
2. Housing Loan (On Rent)
3. Housing Loan (Under Construction)

The questions is can he get tax rebate under sec 80C & section 24 of both the loan

Regards,

Rajesh Patil

[Ganeshan Kalyani]

Presently you will be able to get deduction under both the section for second one. But for third one the deduction is eligible only after possession of the said property. Thanks.

AI Summary

Housing loan deductions: interest and principal allowed for rented property; under-construction property deduction deferred until possession.
Deductions under Section 80C (principal repayment) and Section 24 (interest on house property) are available for the rented property financed by a housing loan; deductions for the housing loan on the under-construction property are eligible only after actual possession of that property.