house loan interest part consideration

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sumit khare (Querist)
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22 July 2010 i have taken a home loan in sep 2009 & got the possession of the home in 1st jan 2010, as per IT rules i can take interst part rebate only after possession i.e. from 1st jan 2010 to 31st march 2010 , for prepossession interest part i.e. from sep 2009 to 31st 2009 rebate can be taken in 5 equal installments in cosequtive financial year . how & where it is to be filled in ITR2 form (for filing return for FY 2009-10 . )

srinath

srinath (Expert)
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22 July 2010 i am afraid that ur understanding is not correct

after the last date of the financial year immediately preceeding the date of completion or acquisition the interest can be claimed in the year of acqusition.
ie in ur case u can claim it as current year interest from 1st april 2009. only int til 31st march 2009 would be prior period interest which would not be applicable in ur case

sumit khare

sumit khare (Querist)
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22 July 2010 thanx a lot for ur valuable reply . it means that i can claim full interest from sep 2009 to 31st march 2010 .please tell ,for ITR2 form enclosure , apart from bank certificate for deductions do i have to enclose possession letter from builder

srinath

srinath (Expert)
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23 July 2010 no need for any enclosure for ITR... but ppl do cont to annex enclosure and the bank certificate wil do

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