Fact 1
No Tax deductions for House under-construction earlier than you get the possession or occupy it.
Principle not allowed beneath 80C
Interest quantity might be claimed in subsequent 5 yrs after occupying home
Fact 2
Home Loan taken from Friends and Family can be eligible for Tax Deductions
Only Interest Amount allowed
Principle quantity not eligible
Fact 3
Selling the House earlier than 5 yrs would imply paying again Tax saved beneath sec 80C
– No reversal for curiosity quantity
Fact 4
Deducations beneath sec 80C shouldn’t be allowed for loans taken for Extension or Renovation of House
Only deductions for curiosity quantity is allowed
(*4*)
