I availed home loan in April 17 and started to repay EMI from May 17 as per the terms of sanction. The flat was taken possession in Nov 17. The flat is letout from Dec 17. Hence rental income will be generated for 4 months during this F.Y.
Pl. clarify whether I am eligible to claim instalments and interest paid for 11 months during this F.Y. or only for 4 months of emi for the period for which the rental income is received.
6 Replies
Divakar
(Student CA Final )
(11857 Points)
Replied 08 December 2017
Please refer section 24 of income tax act... Total interest accrued in financial year upto limit of Rs. 200000 is allowed... For principal amounts 80C deduction is available
Subbiah Mathurappan
(139 Points)
Replied 08 December 2017
Thanks. Could you please reply to 2nd para. of my query as your clarification is not clear.
Divakar
(Student CA Final )
(11857 Points)
Replied 08 December 2017
Yes u r eligible for whole year interest and principal deduction... Already said that... But upto rs200000 limit.... As in case of self occupied property also interests is allowed and it results in loss income from house property
Divakar
(Student CA Final )
(11857 Points)
Replied 08 December 2017
Interest is also allowed in case of self occupied property... Thats why i said plz refer section 24
Subbiah Mathurappan
(139 Points)
Replied 08 December 2017
Thanks a lot for your immediate and clear reply.
Divakar
(Student CA Final )
(11857 Points)
Replied 08 December 2017
Hope ur doubt is clear now... U r most welcome sir😀😀
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