11 March 2014
I have availed Housing loan in Jan 2012. The house is completed in March 2014. I have paid Stamp duty of Rs.1.50 lakhs in Sept 2013. The bank charged a total interest of Rs. 4.31 lakhs for the period from Jan 2012 to Feb 2014. Kindly advise me: i) Rebate for interest amount ii) Rebate for Stamp Duty paid in 2013 iii)Requirement for availing rebate on interest.: - Vijay
11 March 2014
1. Rebate of interest amount. Interest till Feb-14, can be claimed in 5 equal installment and interest for Mar-14 fully allowed u/s.24Bb. Total interest rebate Rs. 1.50 lakhs incase of self occupied, if let out then actual interest
2. Stamp duty paid for house registration is eligible for deduction u/s.80C up to maximum of Rs. 1 lakhs
3. To avail interest rebate. you should have house completion & possession certificate & Interest certificate from the banker
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