Dear Pankaj,
I took a home loan of around 24.6 Lacs in 2009 September in my name only and in this year 2013 August i have got the possession of the home. I have plan to keep this home vacant for some time as my office is far from this home so i stay in rented accommodation.
Now i have few question related to whole scenario-
1- As i know i can get home loan interest rebate of upto 1.5 Lacs under section 24 and principle under 80c. But since my interest has always been more than 1.5 Lacs for all previous years so i want to know, Can i get any benefit on the interest that have paid during pre-possession period?
2- As i understand that if I rent out or keep it vacant and show "notional rent" then i can get rebate on whole interest amount. So my question is that- Is there any rule applied kind of like "amount of interest being set off against amount of rented income"? Or i will get rebate on whole interest amount against any minimum rent income? I hope i am able to explain my point. Basically i want to know is there any relation between maximum interest amount and rented income.
3- Now my this question is basically a combination of both 1st & 2nd. As i understand that the rebate on the interest paid before possession can be claimed for five successive years after possession, provided it falls within the limit of 1.5 Lacs. So now my question is can I get tax benefit of pre-possession interest amount against the "rented house"? What i may do if income tax rule allows is that make total of interest paid during this year and add some of the amount of interest from pre-possession period and take a rebate on this total amount against "rented income". This thing i may do for 5 successive year starting from this year.
Your answers will help me out a alot, Eagerly waiting for them.
Best Regards Gaurav
