26 February 2016
Builders has got sanctioned housing loan through some bank and booked a flat in my name. Till date nothing has been constructed but the land has been purchased for constructing flats and shops. Bankers have started to recover principal amt and interest thereupon. Whether the principal amt and interest can be claimed in income tax return of the financial year 2014-15 because the IT Return can be filed upto 31st March 2016 and I have not filed the said IT Return till date.
27 February 2016
The ans is No. You can claim interest in 5 instalment from the year you will get the possession under section 24. Principal too can be claimed as deduction u/s 80C only from the year house is ready for possession.
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