Home loan interest rebate

I booked a flat in 2006 which is still under construction and expected possession in 2013.Till now I have paid Rs.20.00 Lac to Builder, from own and Home loan resources. HL was taken in 2007 and I started paying interest and after 2 years EMI also started. Since the possession has not been given I have not claimed in mt IT return, any deduction of interest as well as Principal amount paid. Now I want a clarification when I get the possession next year, whether I will be eligible for claiming interest paid from 2007. thanks, ZAFAR

asked Aug 08 '12 at 10:35 by ZAFAR 111

If construction of house is not complete even after three financial years since the year in which loan was taken, deduction of Rs 1.5 lac for home loan interest u/s 24 is not available.

In such case, deduction would be limited to Rs 30,000 per year in case of self-occupied property. This limit would also include pre-emi interest (1/5th p.a.).

answered Aug 08 '12 at 10:56 by Pankaj Batra 5.2k320

thanks , pankaj
(Aug 08 '12 at 11:34) ZAFAR

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Asked: Aug 08 '12 at 10:35

Seen: 2,453 times

Last updated: Aug 08 '12 at 11:34