Tax Exemption on housing loan

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

24 February 2011 Sir,

I have availed a housing loan in october 2010 and booked a builder flat in NOIDA.After 3 year i will get the possession of the said flat. My query is that can i claim the tax exemption on interest as well principal amount paid by me for the financial year 2010-2011. if yes, is it possible to claim in the financiaql year 2010-11

CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)
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24 February 2011 No.. any IT benefits can be availed only after possession of house.

CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)
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24 February 2011 further.. no benefits are allowed for principal paid before possession.

for interest before possession : 1/5 of such total pre possession interest will be allowed for consecutive five years from the FY in which the possession is granted. subject to maximum allowed under section 24.

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