Income tax query

This query is : Resolved

MANMOHAN SINGH RAWAT (Querist)
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23 February 2021 Hi team
i just want to clarify whether an individual can claim tax exemption for principal repayment of home loan, however he do not have possession of the property last since 10 years.

you are requested to share circular /clarification from Income tax.

Thanks a lot

Aashok Kumar Sharma online

Aashok Kumar Sharma online

(Expert)
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27 February 2021 The amount of deduction you can claim depends on the ownership share you have on the property.
The home loan must also be in your name. A co-borrower can claim these deductions too.
The home loan deduction can only be claimed from the financial year in which the construction is completed.

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