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Interest on hsg loan

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This query is : Resolved

V U Bhave (Querist)

11 March 2014 I have availed Housing loan in Jan 2012. The house is completed in March 2014. I have paid Stamp duty of Rs.1.50 lakhs in Sept 2013. The bank charged a total interest of Rs. 4.31 lakhs for the period from Jan 2012 to Feb 2014.
Kindly advise me:
i) Rebate for interest amount
ii) Rebate for Stamp Duty paid in 2013
iii)Requirement for availing rebate on interest.: - Vijay

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)

11 March 2014 1. Rebate of interest amount. Interest till Feb-14, can be claimed in 5 equal installment and interest for Mar-14 fully allowed u/s.24Bb. Total interest rebate Rs. 1.50 lakhs incase of self occupied, if let out then actual interest

2. Stamp duty paid for house registration is eligible for deduction u/s.80C up to maximum of Rs. 1 lakhs

3. To avail interest rebate. you should have house completion & possession certificate & Interest certificate from the banker

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