Tax rebate on home loan pre construction interest
Are you searching for how ot get rebate on home loan pre construction interest? Looking out for answers online? No worries, scroll through this page and decide how to split the interest in several instalments.
I had taken a home loan of Rs 6 lakhs in Aug 2016 and repaid it with interest by Dec 2017. The construction of home will be over by Dec 2019. After that I am planning to ask for tax rebate for the home loan preconstruction interest under Sec 24. The total preconstruction interest is Rs 40000. Can I ask tax rebate on entire Rs 40000 at once or do I need to split in in five equal instalments if Rs 8000 each per year?