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

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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18 May 2013 Completion certificate along with possession of the property required for claiming interest deduction u/s 24b and principal

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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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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