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-   -   Can I avail tax benefit on housing loan borrowed in current year 2007 (https://www.askmehelpdesk.com/showthread.php?t=125662)

  • Sep 4, 2007, 02:08 AM
    gaikwam2
    Can I avail tax benefit on housing loan borrowed in current year 2007
    I have borrowed housing loan in year 2007. The possession of the flat will be in next year June 2008. My question is can I avail tax benefit on this loan for the year 2007-08 tax calculation. The amout disbursed to the builder is a part payment not full. I have asked bank to deduct full installment from my salary even though the full loan is not disbursed to the builder.
  • Sep 4, 2007, 09:43 AM
    AtlantaTaxExpert
    Interest payments on construction loans used to built a primary home ARE deductible as mortgage interest, provided they exceed the $5,300 standard deduction for 2007.

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