FAQs

Preconstruction period interest means from the date of loan taken to the date of house property acquired. This is structured to be settled in five equal payments, one each year.

Yes, if you rent out a property to others, even if it's for their business use, the rental income is generally taxed under 'Income from House Property'.

Yes, if loan taken from relatives or friends for the purpose of house purchase, construction, repair, renewal or reconstruction then such interest is allowed as deduction under the head Income from House Property. If it taken for personal purpose then not allowed as deduction.

In case property is self occupied then upto Rs. 2,00,000 is allowed as deduction u/s 24. Otherwise if the property is letout or deemed letout the whole interest paid during the year is allowed as deduction i.e without any limit.

Pre construction period interest is allowed as deduction in 5 equal instalments commencing from the year in which house is acquired or constructed.

Yes, both the co-owners are eligible to claim interest on home loan as well as repayment of home loan.

Yes, losses (primarily due to interest on home loans) can be Set off against income from other heads (like salary) up to ₹2 lakh in a financial year. Unadjusted losses can be carried forward for up to 8 assessment years and set off against income from house property only.