Deduction u/s 24b of interest paid on loan

This query is : Resolved

sanjay (Querist)
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24 July 2017 Hello All
I want to confirm that
If I have possession of residential property and I am getting constructed on taking loan from bank. Can I claim deduction of interest paid on home loan for the assessment year 2017-18.
The loan is taken in Dec 16.
Pl confirm as I have to file return.
Regards

RAJA P M

RAJA P M (Expert)
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24 July 2017 You can claim deduction for Interest and also Principal amount.
You can take benefit on after start your EMI. Bcoz., you get loan on Dec 16 but, EMI is after April you can claim AY 2018-19.

sanjay

sanjay (Querist)
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25 July 2017 sir
EMI also starts in Jan 17.
Regards

RAJA P M

RAJA P M (Expert)
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25 July 2017 (sir EMI also starts in Jan 17)

Yes you can claim Interest on your loan's repayment amount AY 2017-18. And you can receive Interest certificate from your bank (loan)