Question by goura chandra r:
can i avail the benifit in income tax for the home loan when my home is under constraction?
I have taken a home loan from SBI and my home is under constraction .


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Answer by Rajababu
No ,you can not take home loan benefits before completion
of house.

the important point is that if you completes your home before end of f.y i.e before or on 31.03.2008 then all the benefits will available to you.so in easy words benefit is available if home is finished by the end of the previous year.

now ,what is the meaning of completion of house?

“a residential home property the income from which is chargeable to tax under the head Income from home property”
In easy words no completion certificate is required from any authority what so ever ,u r the boss to decide whether its complete or not ,but it should be logical like you have basic facility in it according to general terms .so complition of home is a subjective term ,but its fulfill all the conditions if some one starts living in that house.

so dear try to complete it by 31.03.2008 you have two month and you can avail all the benefits.

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