exemption on repayment interest on hosuing loan

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This query is : Resolved

pradeept (Querist)

29 July 2008 Can any one clarify me about this,

I have booked a property from unitech which is yet to get possesion and I am living a rented house . I am paying my monthly emi to axis bank since 2005 . How Can I get exemption Rs. 1,50,000 on sec 24b (out of 2,00,000 interest paid ) and which ITR form I need to used.

and where to I show this amount
pls. urgent

Manish Karwa

Manish Karwa (Expert)

01 August 2008 If any interest payable or paid in respect of funds borrowed and pertaining to the period prior to the previous year in which such property constructed, shall be deducted in five equal annual instalments commencing from the previous year in which the house construction completed.

Also please note the construction of house must be completed within three years in which capital was borrowed

Manish Karwa

Manish Karwa (Expert)

01 August 2008 ITR form depend on type of income you have. If you want to show the loss on house property, u must use the ITR 2 (not for business or professional income)

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