I am working in a private company and I file ITR 1 every year. I had a home loan from SBI for Rs.30,00,000/- (thirty lakhs) from November 2018. The apartment I had purchased with the home loan was under construction when I got the home loan. Since it was under construction and without OC(Occupancy Certificate), I was not able to claim tax deductions for the Income Tax. Finally in 2023, I decided to close the home loan, and I closed it on April 2023 by repaying the balance amount. At that time still the OC(Occupancy Certificate) was not received for the apartment.The new tax regime was introduced in April 2023, I opted for the new tax regime where there is no tax savings on home loan interest+principal. Just a week after I closed the home loan the OC was received for the apartment. I had not claimed any tax deduction during the financial year 2023-24, for the principal + interest amount I had repaid in April 2023, as I had opted for the new tax regime. I need to know when I file the income tax return the year 2023-24 in June/July 2024, can I claim any benefit for the loan I repaid at April 2023, or for the previous years in which I had paid the EMI starting from Nov 2018 - March 2023? Can anyone help here?Thanks
CAclubindia
