I booked a flat in 2011 and the possession is in 2018 (construction took more than 5 years) and I started paying EMI on home loan from 2011 itself. According to Sec 24, I can claim tax rebate on pre-construction interest, as a deduction in five equal installments starting from the year in which the property is acquired or construction is completed. There is another aspect in Sec 24 which says that if the construction of the property is not completed within 5 years, the deduction on home loan interest shall be limited to Rs. 30,000. Could you please help me understand whether I can claim the entire interest I paid during construction period or is my rebate limited to 30000 only (including pre and post construction interest). Also is 30000 deducted from the tax outgo or from the taxable income?1 replies 1 helpful answers Last Updated: 3 weeks, 6 days ago
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