decution under HOME LOAN

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bhatia (Querist)
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31 December 2008 I have taken a home loan in Nov 2008 .Loan was sanctioned for Rs 27,00,000 with emi approx 29000. till now i get only 22,00,000
and paying Rs. 22000 as emi .my house will be complete in Feb 2009 . after that i will pay Rs 29000 as my emi . pls tell me when can i claim my home loan deduction and how much .
Pls also tell me about my HRA,for how many months i can claim it.

K V Subba Rao

K V Subba Rao (Expert)
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31 December 2008 If construction is completed in Feb 09, you will be entitled to claim benefits u/s 24 for Interest and 80-C for Principal in FY 2008-09 (AY (2009-10). For this purpose, EMI payments made by your right from Nov 08 to Mar 09 are taken into consideration.

You need not have any apprehensions about eligibility to claim benefits in respect of EMIs from Nov 08 to Jan 09 (period before completing constuction). The position would be different if house construction is completed after Mar 09

You can claim Deduction for HRA, if you stayed in rented house, upto Jan 09