Want to confirm if i had interest on loan from April 2007 to January 2008. At the end of January 2008 I had sold that flat and purchased a new flat whose EMI will be starting from 1st of February 2008.
Please let me know whether i can claim house loan Interest of flat which is sold in january under section 24 of income tax act.
26 January 2008
Section 24 does not restrict the assesses to claim interest on Housing loan for that flat which u have sold.
Dear Sir, the theme of Section 24 is to provide the benefits to assesses who has taken borrowed capital for purchase of house upto the extent of Rs.150000/- against loans taken after 01.04.1999.
Thus you are free to take the deuction of housing loan interest u/s 24 for old house upto Jan. as well as for new house for Feb.& March 2008.
CAclubindia
