Interest on housing loan

Sir,

I have a house loan sanctioned in Oct 2003 and took possession of the flat in  Jan 2006 . Started claiming rebate on House loan interest from FY 2005 - 2006 onwards. However I have not claimed any rebate on Interest paid during construction period till date. How much can I claim rebate on this front , in the current FY? Can I claim any part thereof in the coming years (Beyond 5yrs from date of possession )?

Regards,

S.Subramanian

Originally posted by : Subramanian
	Sir, I have a house loan sanctioned in Oct 2003 and took possession of the flat in  Jan 2006 . Started claiming rebate on House loan interest from FY 2005 - 2006 onwards. However I have not claimed any rebate on Interest paid during construction period till date. How much can I claim rebate on this front , in the current FY? Can I claim any part thereof in the coming years (Beyond 5yrs from date of possession )? Regards,   S.Subramanian

Hi Subramanim,

Since we are in year 11-12 A.Y. 12-13. you could claim your last deduction in return for AY 10-11. the only way i see is to revise your return in case you want to claim deduction, asuming your assessments are not done.

you could have  taken the 1/5th deduction of interest paid till financial year 2004-2005. ie. 1/5th of total interest paid from Oct 2003 to March 2005 as deduction starting from assessment year 06-07 till A.Y 10- 11 with a CAP of 150000 if your house is self occupied  and no limits if rented.

you can still revise the returns for AY 2010 - 11 the due date for the same is 31-mar-2012 asuming you are getting the benefit and the assessment is not completed.

Regards

Thank you Mr. Jigar