exemption on repayment interest on hosuing loan

This query is : Resolved

pradeept (Querist)
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29 July 2008 Can any one clarify me about this,

I have booked a property from unitech which is yet to get possesion and I am living a rented house . I am paying my monthly emi to axis bank since 2005 . How Can I get exemption Rs. 1,50,000 on sec 24b (out of 2,00,000 interest paid ) and which ITR form I need to used.

and where to I show this amount
pls. urgent

CA RAMESH KUMAR AHUJA

CA RAMESH KUMAR AHUJA (Expert)
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01 August 2008 Interest paid for the property booked with unitech will not be allowable as deduction u/s 24b unless you have alloted the property and the possession is handed over. Interest paid on housing loan prior to that will be available equally in five yearly instalments commencing from the year you take the possession. However, you can avail HRA exemption from ur salaries. As the deduction u/s 24b will not be available for the moment, you will have to furnish ur return of income on ITR-1.