ITR filing: How homebuyers can claim rebate on under-construction flats2 min read . Updated: 28 Jan 2023, 07:49 AM IST
- Income tax return: Rebate on home loan interest paid before possession can be claimed over a period of five years after getting possession, says Section 24(B) of Income Tax Act
Income tax rebate on home loan: Buying an under-construction home is common phenomena these days. However, being an income taxpayer, an earning individual is advised to remain vigilant about the income tax rebates one would have on home loan repayment while filing one's income tax return (ITR). According to tax and investment experts, a home loan borrower can claim income tax rebate on home loan interest repayment under Section 24(B). They said that the claim can be made after getting possession of one's unit but the rebate is available on the home loan interest paid before possession as well.