23 February 2021
Hi team i just want to clarify whether an individual can claim tax exemption for principal repayment of home loan, however he do not have possession of the property last since 10 years.
you are requested to share circular /clarification from Income tax.
27 February 2021
The amount of deduction you can claim depends on the ownership share you have on the property. The home loan must also be in your name. A co-borrower can claim these deductions too. The home loan deduction can only be claimed from the financial year in which the construction is completed.
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