Ask Experts Questions for FREE Help !
Ask
    gaikwam2's Avatar
    gaikwam2 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Sep 4, 2007, 02:08 AM
    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.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Sep 4, 2007, 09:43 AM
    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.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Income tax benefit clarification for Housing loan [ 2 Answers ]

Hi I am Vineet Chattree, working with a TATA group. I purchased a flat in Chembur in December 2005. At that time builder declared 80% completion from Bank. However, I decided to start with EMI in place of pre-EMI based on 80% slab. Builder promised to give accommodation by June 2006, but...

Income tax rebate on housing loan. [ 1 Answers ]

Hi, I would like to know what is the income tax rebate that I can get On the housing loan. I have recently bought a property and took housing loan for the same. The property is in the form of Two 1 Bhk Flats adjacent to each other which I wish to join together later. So on what princiapal and...

Income tax rebate on housing loan [ 2 Answers ]

I have taken housing loan from my office in the yr.2002 for flat under construction.I have already started deduction from my salary for the above loan.I have taken possession of the above flat in the current yr 2007. Shall I get income tax benefits for the accrued int.ffrom theyr 2002.If yes or no...

Calculation Income Tax for Housing loan [ 2 Answers ]

How to treat Housing Loan, LTA for computation of income tax,

Forms for returning US-India Tax treaty benefit [ 1 Answers ]

Hi! I came to US in 2004 December as a researcher and signed for US-India tax exemption treaty, and have taken the full benefit for 2004 and 2005. However, I overstayed and now would like to return the benefit taken. Please let me know which form should I use to pay back the tax benefit.

View more questions Search