Please advice whether I should allow deduction under Sec 24 towards intrest on Home Loan if the assesee has taken a Home Loan & has started paying his EMI but has not got possession of house in curent financial year. The assessee is currently residing in a rented house & claiming HRA also.
For Principle amount he is claiming deduction u/s 80 C.
02 February 2009
Neither prinipal repayment nor interest can be claimed until and unless possession is obtained as I understand after visiting http://www.raagvamdatt.com/Article121.html and reading the Para under caption "Are you paying EMIs before getting possession of the house?"
CAclubindia
