interst deduction on home loan
This query is : Resolved
01 April 2009
I purchased an apartment in June 2005 by taking a home loan from ICICI Bank.
I started paying the Equated Monthly Installments from the very next month. The apartment will be ready for occupation next month (February 2006).
Can I get the benefit of House Rent Allowance till February 2006 and home loan (principle and interest) benefits during the financial year of April 2005 to March 2006?
Since the interest amount I'm paying towards the home loan is more than Rs 1, 50,000, can my wife (she is also working) get the income tax benefit on that excess amount?
I started paying the Equated Monthly Installments from the very next month. The apartment will be ready for occupation next month (February 2006).
Can I get the benefit of House Rent Allowance till February 2006 and home loan (principle and interest) benefits during the financial year of April 2005 to March 2006?
Since the interest amount I'm paying towards the home loan is more than Rs 1, 50,000, can my wife (she is also working) get the income tax benefit on that excess amount?
01 April 2009
Yes you can.
The assessee with whose name and House nad loan, can only claim deduction.
The assessee with whose name and House nad loan, can only claim deduction.
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