My house is still under construction and I started paying EMIs. Will I be eligible for Tax benefit? I'm Salari

Question

This question is related to Incometax India for individuals.

Answer 1

You can deduct capital payment under 80C.

You can not take deduction for interest payment. Read more about pre-construction period of home loan payment:

http://mytaxes.in/index.php?topic=9.0

Answer 2

You can take exemption for the repayment of housing loan(principle) under sec 80C Upto Rs. 100000-00 &  you can avail the tax benefit for the interest payment U/S 25 under income from house property

Answer 3

This is the "Under-construction EMI".

As pointed by others, you are eligible for tax deduction on the Principal only and not on the interest. But, please note that Firms accept even the Pricipal part only when you show them the Occupancy Certificate which is generally given only after completion of construction.