Loan on under-construction property
2 years ago
I am the sole owner of a residential flat in Kolkata.
In 2018, I had purchased another under-construction residential flat in Mumbai in 50-50 ownership with my wife. We jointly took loan for the flat. My wife is a homemaker. All along I used to pay the EMI of the loan. The loan has been completely repaid this month and the loan account is closed. So far I have not claimed any income tax benefit for the loan. Meanwhile the flat is ready for possession, though I have not received its key.
Now I have the following question:
(1) May I claim income tax benefit for the loan now? If yes, how?
(2) I have not declared the second property in the IT return. Should I?
(3) I understand that the “deemed rental income” is taxable from the second property, though it is not yet rented. How do I know what is the deemed rental income amount for that property?
All you questions are relevant for a Chartered Accountant and a CA will be the best person to clarify your questions. Hence suggested that you get in touch with a Chartered Accountant for your answers.
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