My new house is getting constructed and i am shifting there from 1/09/10. I am a salaried employee. I have taken home loan on 3/4/10 and i am paying interest from May 10. EMI will start from Oct'10.
Can i claim HRA for 5 months under sec 10 and interest from May'10 to Mar'11 under section 23?
And for claiming interest, there is limit of Rs 150000. Will this limit applies proportionately?
and similarly for repayment of home loan deduction under 80C?
thanks for the information. Suppose if i shift to my new home in the next FY(2011-12). then can i claim HRA, Interest and principal repayment in the current. The other conditions are same.
I asked if i shift in the next FY(2011-12), then can i claim HRA, interest and principal repayment in the current FY(2010-11).
But i think, i can claim HRA in the current FY (2010-11), and cant claim interest and principal as i have not shifted. and can claim this interest(i.e interest for FY 2010-11) as pre-construction interest in the next FY(2011-12) and deduction for repayment of housing loan will be allowed from next FY(2011-12).
CAclubindia
