07 November 2011
I have paid Interest and Principal amount for three year for under construction residential house, now I got possession and paying interest and Pircipal amount Rs. 150000/- and 100000/- respectively Can i claim interest amount paid previously over above my regular installment ?
07 November 2011
The limit fixed for interest U/s 24 is up to Rs 1.50lac and U/s 80C; alongwith other investments like LIC PPF etc ..up to Rs. 1.00 lac. These are the maximum limits. In case, your current period falls short , you may adjust it from the pre-construction period interest. Principal repayment of earlier years can not be claimed.
07 November 2011
Under section 24(b) you can claim interest up to 150000 for self occupied house property. for pre construction period interest you can claim in five years after taking possation equally. If house property is Let out during the period than you can claim more than 150000 as loss from house property. in your case you are paying 150000 as interest for current period if property is self occupied than you can not claim above 150000.
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