House property

This query is : Resolved

Vaanii (Querist)
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27 July 2014 If housing loan is taken in the year 2012-2013 for d purchase of residential house...n repayment istallments have been paid including interest till now...bt possession n ownership deed is received in the month of may 2014......will Interest exemption b availed as per section 24b,..n is deduction under 80 c n 80 ee applicable...for d A.Y 2014-15??

Nikhil Kaushik

Nikhil Kaushik (Expert)
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28 July 2014 interest upto 31 March 2014 needs to be accumulated and claimed as deduction in five equal installments starting FY 2014-15 (AY 2015-16).

In my opinion, the same should apply to 80C. However, 80EE deduction should be allowed, as there is no restriction placed on the pre-construction interest therein.

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