Home loan deduction of interest and principal
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 May 2013
My son took a home loan from private bank to purchase a flat.
He is regularly paying the EMI to the bank.
The flat is ready and occupied by my son in April 2013 and other few members in the building.
However the builder has not obtained the Completion Certificate/Occupation Certificate from Municipality.
Whether my son will get the benefit of provisions made in the Income Tax for deductions of principal and Interest for the Income computed this year, as he is paying to private bank for this year? Please elucidate.
Thanks
He is regularly paying the EMI to the bank.
The flat is ready and occupied by my son in April 2013 and other few members in the building.
However the builder has not obtained the Completion Certificate/Occupation Certificate from Municipality.
Whether my son will get the benefit of provisions made in the Income Tax for deductions of principal and Interest for the Income computed this year, as he is paying to private bank for this year? Please elucidate.
Thanks
18 May 2013
Completion certificate along with possession of the property required for claiming interest deduction u/s 24b and principal
19 May 2013
Till your son gets absolute ownership of the flat, he can't claim deduction for interest and principal repayment.
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