Income tax exemption on home loan interest

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F H G (Querist)
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12 December 2017 In the beginning of FY 2015, I had bought a flat in an under construction building in Thane District. I have taken Home loan from State Bank of India (NRI sea woods Branch, Navi Mumbai), but so far could not get Income Tax exemption on home loan interest part as the flat is under construction, now in the current financial year (in February 2017), I am getting possession to this flat, considering this scenario, request you to please let me whether in addition to the current financial year's home loan interest exemption, can I avail the exemption on the home loan interest for prior financial years in the current financial year. Kindly note that approximate home loan interest amount for this financial year is around INR 1.9 lacs and the total loan amount is INR 46 lacs.

For your further information kindly note tat I am a salaried employee, have been currently working in Pune since September 2015 and have also been availing HRA exemption as I live in a rented flat in Pune.

Would appreciate an early response and any additional relevant useful information.

Thanks and regards,
Fazle

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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12 December 2017 1. 1/5th of the interest paid before the date of completion of the building can be
claimed in the five financial year's from the year of completion along with the
interest due on the respective year's subject to the ceiling per section 24(b),

2. HRA exemption can be claimed as per 10(13A) r .a. w rule 2A.

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