Query on Housing loan

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Dileep Kumar (Querist)
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30 June 2011 I got an Under Construction Apartment in July 2009. I started paying EMI from day 1 to reduce my Principle Amount. Finally its ready this Year(2011). As i am paying Interest from 2009 to till date , how do i claim rebate on total interest paid so far ?
If i don't claim HRA this year , can i claim total Interest paid so far at a shot ?
Please give me details on this scenario.
Thanks in Advance.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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30 June 2011 Can't claim the entire interest in one shot.Interest prior to 2011 can be deducted in five equal instalments from 2011 onwards.

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C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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30 June 2011 For claiming interest on your House property Loan you have to procure a year wise certificate from the bank for re-payment of principal and repayment of Interest. Repayment of principal you can claim u/s 8)C as per prescribed limit and you can claim interest against your house property accordingly.

The entire amount of interest you cannot claim in the return of assessment year 2011-12. Only interest pertaining to A. Y. 2011-12 can be claimed in 2011-12.

The other way round is you can revise the return for A. Y . 2010-11 provided your time has not expired and in that return you can claim the interest related A. Y. 2010-11

Dileep Kumar

Dileep Kumar (Querist)
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01 July 2011 Sir,
Builder will handover my Apartment by Nov/Dec 2011. Currently i still stay in Rented house. I will occupy my apartment some time in December 2011.
So whats the best way to claim Tax rebate on HRA and Interest paid for my Apartment.

Also as i will claim my previous year 2010-2011 Interest in 5 equal installments , do i need submit any special documentation while declaring/filing my IT returns?

Thanks for the clarification.

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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01 July 2011 Once you have paid full amount to the builder you can claim the benefit.

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