rashmi1kanta (MANAGER) (110 Points)
13 January 2010Hi , Plz clarify .
1.Home loan approved for 20L for a Duplex construction.
2.Paid 6L for Land purchase to Builder , sale deed done --Bank Paid this amount.
3.Construction yet to start. ( in 2012 Possession )
4.Paying monthly interest as Pre EMI interest--Bank provisional certificate received.
5.Now can i claim Pre-EMI interest and amount paid for Sale deed as per govt valuation for IT deduction
Rashmi
Shashi Bhushan
(Learner, Jalandhar)
(996 Points)
Replied 13 January 2010
yes you can claim but not now. you can start claiming in that previous year in which the construnction will complete.
20% of Interest paid up to completion of house you can claim in 5 years beginning from year of completion.
CA Pramod Jain
(manager finance)
(1577 Points)
Replied 14 January 2010
stamp duty u can claim u/s 80c
CA Apurav Agawal
(CA)
(109 Points)
Replied 14 January 2010
Only interest portion of the EMI paid till last march prior to posession of the flat shall be allowed as deduction in equal installments for the next five years starting from the year in which posession is received.
No deduction of principal portion paid till march prior to posession of flat or stamp duty will ever be allowed else than for capital gain calculation.
CA Pramod Jain
(manager finance)
(1577 Points)
Replied 14 January 2010
apurav read sec 80c it clearly says stamp duty paid for the prupose of trf of house property to the assesee is eligible for deduction
Amir
(Learner)
(4016 Points)
Replied 14 January 2010
Dear Rasmhi,
Shashi & Apurv is rite regarding interest........
Furher, Pramod is rite regarding 80 C that repayment of Principal(including stamp duty) can be claimed..I think it cannot be claimed before construction gets completed...
CAclubindia
