11 July 2022
1) I raised a housing loan for the purchase of a property in Chandigarh in 2021 and started paying the EMIs immediately. However, the possession of the property was given by the builder in March 2022. Can I claim the exemption of the interest on the EMIs paid during the whole of the financial year during 2021-22 or only on the EMIs paid after getting the possession? 2) I am presently residing in a rental building in New Delhi and claiming the income tax rebate on the HRA provided by the company and have bought a property in Chandigarh which is occupied by my family. I am paying the EMIs on the housing loan raised for buying this property? Can I claim the rebate on the interest component of EMI for this property in Chandigarh, simultaneously with the rebate on HRA for the rent paid in New Delhi?
11 July 2022
1. Yes, you can get rebate over the interest paid before possession as pre- construction period interest. It can be claimed after the possession in five equal installments for next five years. 2. Yes, you are eligible for both the deductions, as your place of work is in different city.
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