Exemption u/s 24 for home loan
This query is : Resolved
02 February 2009
Dear Sir
Please advice whether I should allow deduction under Sec 24 towards intrest on Home Loan if the assesee has taken a Home Loan & has started paying his EMI but has not got possession of house in curent financial year. The assessee is currently residing in a rented house & claiming HRA also.
For Principle amount he is claiming deduction u/s 80 C.
Regards
Satyam
Please advice whether I should allow deduction under Sec 24 towards intrest on Home Loan if the assesee has taken a Home Loan & has started paying his EMI but has not got possession of house in curent financial year. The assessee is currently residing in a rented house & claiming HRA also.
For Principle amount he is claiming deduction u/s 80 C.
Regards
Satyam
02 February 2009
Neither prinipal repayment nor interest can be claimed until and unless possession is obtained as I understand after visiting http://www.raagvamdatt.com/Article121.html
and reading the Para under caption "Are you paying EMIs before getting possession of the house?"
and reading the Para under caption "Are you paying EMIs before getting possession of the house?"
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