Loss from house property and deduction limit of 30,000

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Hi All,

I've a query on home loan taken for under construction apartment.

+ Home loan for an under construction apartment
+ Loan sanctioned month-year : Sept-2014
+ First disbursment month-year : Oct-2014
+ Occupancy Certificate to the project by government : August-2017
+ Apartment registration : Planning to do in FY 2018-2019 (i.e. after 1-April-208)

I understand that there is a clause in Income Tax where if under construction property is not completed within 3 years (from the end of the financial year in which loan was taken) then one can claim maximum INR 30,000 under 'Loss From House Property'.

Just wanted to check this clause is applicable in my case too since apartment got OC from the government (so construction is completed in principle) but apartment will not be in my name within three years from the end of the financial year in which home loan was taken.

Any insights would be helpful

Thanks,
Milind

AI Summary

Home Loan Tax Deduction Query: Claiming INR 30,000 for Under-Construction Property with Delayed Registration Confirmed A user inquired about the applicability of a tax clause related to home loans for under-construction properties. The user took a home loan in September 2014, with the first disbursement in October 2014, and the occupancy certificate was issued in August 2017. However, the apartment registration was planned for FY 2018-2019. The user wanted to know if they could claim a maximum deduction of INR 30,000 under 'Loss From House Property' since the property was not registered in their name within three years from the end of the financial year when the loan was taken. A respondent confirmed that the clause is applicable.