Deduction for housing loan
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 March 2013
The assessee is a salaried employee and has taken a housing loan for purchase of flat. However, till now he has not received the possession letter from the builder yet.
The employer of the assessee is demanding for the possession letter for deduction claim.
Please suggest what to do
The employer of the assessee is demanding for the possession letter for deduction claim.
Please suggest what to do
20 March 2013
dear employer is correct..
because as per income tax provisions interest on housing loan is allowed as deduction from the year in which acquisition is made.
and house is said to be acquired either on registry or possession whichever is earlier..
till then interest will be treated as pre construction interest which will be allowed in later 5 years in equal installments..
because as per income tax provisions interest on housing loan is allowed as deduction from the year in which acquisition is made.
and house is said to be acquired either on registry or possession whichever is earlier..
till then interest will be treated as pre construction interest which will be allowed in later 5 years in equal installments..
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 March 2013
thank you for your opinion sir
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