Dear Sir, I have started to pay Full EMI before taking my possession. My house got registered in May but I actually moved into the house in November. I got the Possession certificate from builder from November. Now, I want to claim the the house loan interest in my tax calculation. I am doubtful from which month (May/November) I can claim the interest as this is not clear from IT rules.
1 Answers
As per IT rules, you can claim deduction for home loan interest from the year in which possession is received. So you can claim full interest paid in FY 2013-14.
Even if there is some interest paid before possession year (before FY 2013-14), same can be claimed in five equal instalments starting from possession year, but maximum exemption would be limited to 1.5 lakhs for self occupied house.
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