Dear Sir One of our employee has taken hsg loan in this month i.e. july 16 & started paying emi every month. He will get possession of home in Dec-2016. My question is whether he is eligible to get I.T.deduction u/s 80-C for pricipal and interest from July-16 month till end of the year 31.03.17 or he will get deductin from Dec.-2018 onwards ? He is also paying registration & stamp duty in Dec.2018 before possession. Pl clarify. Regards Arun Gaikwad
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Housing loan and interest deduction
Replies (2)
Employee is eligible to take benefit of deduction under section 80C and 24(b),the amount which will be paid upto 31/3/2017
When a loan is taken in the same year in which the house property is purchased or constructed, one can enjoy the tax benefits on payment of both principal and interest component of the housing loan.
So he will get deduction for principle & interest from July’16 to 31.03.2017.
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