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Interest on home loan

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Querist : Anonymous

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Querist : Anonymous (Querist)
08 July 2013 The Finance Bill 2013-14 proposes additional tax benefit to the first – home buyer who takes a loan for an amount not exceeding Rs.25 lakh. Presenting the Union Budget in the Lok Sabha today, the Finance Minister Shri P.Chidambaram proposed that a person taking a loan for his first home from a bank or a housing finance corporation upto Rs.25 lakh during the period 1.4.2013 to 31.3.2014 will be entitled to an additional deduction of interest of Rs.1 lakh.

I just want to clear it that if the loan was taken in 2012-13 financial year. can i eval the benefit of new section or this additional exemption .....
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
08 July 2013 No it is the financial year 2013-14 only. loan taken on 2012-13 is not eligible for the same

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