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Interest on house building loan

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(Querist)
19 December 2013 AN EMPLOYEE IS STAYING IN RENTED HOUSE.

HE HAS TAKEN A LOAN FROM BANK. BANK CERTIFICATE GIVEN FOR PRINCIPAL AND INTEREST FOR 2013-14. ONLY INTEREST IS DEDUCTED FOR THE YEAR.

CAN HE CLAIM DEDUCTION UNDER SEC 24(B) FOR LOSS ON HOUSE PROPERTY I.E. RS 150000.00 AND REBATE UNDER SEC.80C FOR PRINCIPAL AMOUNT REPAYMENT.

HOUSE IS NOT COMPLETED AND NOT SELF OCCUPIED TILL 2013-14. IT WILL TAKE TIME TO BE COMPLETION OF HOUSE AND POSSESSION THEREOF.
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Manish Bhandari

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Manish Bhandari (Expert)
19 December 2013 No it is pre-construction EMI. The actual possession or completion certificate will entitle him to take the benefit. He can accumulate this interest and later on possession can claim it.
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