Hi,
I have invested in an upcoming Built up housing scheme, with 30% payment already made from my savings.The balance 70% is to be made in 10 equal installments in the next 5 years(i.e. till 2019) with an interest rate of 12%. Current status of the project is – Not yet started. Possession is expected in 2017.
I have the capacity to make the balance 70% payment from my pocket. My question here is; if I make all the balance payments from my savings , would I get get any Tax benefit either from now onwards or in future. If yes how, as I have known of Tax benefit only in case an individual takes Home loan?
Thanks in advance,
Adi