Tax Exemption on housing loan
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 February 2011
Sir,
I have availed a housing loan in october 2010 and booked a builder flat in NOIDA.After 3 year i will get the possession of the said flat. My query is that can i claim the tax exemption on interest as well principal amount paid by me for the financial year 2010-2011. if yes, is it possible to claim in the financiaql year 2010-11
I have availed a housing loan in october 2010 and booked a builder flat in NOIDA.After 3 year i will get the possession of the said flat. My query is that can i claim the tax exemption on interest as well principal amount paid by me for the financial year 2010-2011. if yes, is it possible to claim in the financiaql year 2010-11
24 February 2011
No.. any IT benefits can be availed only after possession of house.
24 February 2011
further.. no benefits are allowed for principal paid before possession.
for interest before possession : 1/5 of such total pre possession interest will be allowed for consecutive five years from the FY in which the possession is granted. subject to maximum allowed under section 24.
for interest before possession : 1/5 of such total pre possession interest will be allowed for consecutive five years from the FY in which the possession is granted. subject to maximum allowed under section 24.
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