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Interest on housing loan

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Querist : Anonymous

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Querist : Anonymous (Querist)
21 February 2013 I have purchased flat in F.y 2012-13 but not getting the possession before march. I have paid stamp duty & registration charges in F.y 2012-13 & also my regular housing loan EMI started from Feb 13 can I calim both i.e stamp duty & registration charges & regular EMI for Income Tax purpsoe. Also if the pre emi interest is charged by bank in F.y 2012-13 & the possession will get after March 13 can i claim the interest beneift in F.Y 2012-13 pls guide
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harleen batra

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harleen batra (Expert)
21 February 2013 Interest benefit can be claimed only after getting the possession of house. Whatever interest is paid in f/y 2012-13 and i/5th of the interest paid before getting the possession(including Pre-emi interest) will be eligible for deduction in A/y 2013-14.
However payments of stamp duty and registration can be claimed in the year of payments iteself.
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CA Prashant Gupta

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CA Prashant Gupta (Expert)
21 February 2013 agree with expert Harleen batra.
rest interest will be allowed in next 4 years
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