AKHIL (ASST MANAGER) (53 Points)
10 December 2012TEam of experts..
For a small doubt i want your opinion :
Suppose an assesse books a flat whose possession will be handed over to assesses after 2 years and simultaneously he took a housing loan. He started paying interest on housing loan. Moreover assesse is claiming HRA benefit also...
Now the question arises will assesses be allowed to get the benefit of both HRA and interest on housing loan till actual possession of the flat.
Giridhar S Karandikar
(Team Lead)
(7543 Points)
Replied 10 December 2012
you can't claim the tax benefit of house loan until you get the possession of the house. AFter you get the possession of the house you cna claim the pre-emi interest paid till the previous year relevant to the previous year in whihc you get the possession of the flat in 5 equal isntallments. Also you will get benefit of teh interest paid for teh current year as well both upto 1.50lacs.
Yes after you get possession of the flat you can claim benefits both for house loan & HRA. However for HRA you will ahve to prove that you are paying the rent. For this you can preserve teh rent receipts.
CAclubindia
