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Provision for property

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Querist : Anonymous

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Querist : Anonymous (Querist)
06 March 2013 i am purchased a flat with four copartners and in this regard we take up a home loan on 31/05/2011 but till 31-03-2012 we have not registered the property.

Further, we are paying EMI continuously.

So, what will be provision for income tax in this regard about interest and principal amount.

thanking you
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CA Mahavir Shah

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CA Mahavir Shah (Expert)
06 March 2013 You should ask for Allotment Letter / Temporary Possession Letter from Builder.

This will solve your problem, based on this you can claim Principal Amount paid as deduction.
So far as interest is concerned it will be allowed as deduction as pre-construction period interest in 5 equal installments from the year of completion of construction.
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