interest on housing loan

This query is : Resolved

PARTHA SARATHI MUKHERJEE (Querist)
Follow

30 December 2009 can we claim deduction of interest on housing loan after strating of loan repayment irrespective of the date of possesion

CMA. Dinesh S Adhikari, ACMA

CMA. Dinesh S Adhikari, ACMA (Expert)
Follow

30 December 2009 Hiii..

No, You cannot claim only on the basis of Starting Loan repayment.

According to Sec. 24(b) Interest can be claim only in following conditions:
1) If House bas been purchased or Completely constructed, or,
2) on FULL REPAYMENT of loan.

Therefore, because there is not Full Repayment of Loan, so you cannot claim exemption of Interest Amount at this time.

Regard!!!
Dinesh S. Adhikari