Query on Housing loan
This query is : Resolved
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.
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.
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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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
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
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.
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.
01 July 2011
Once you have paid full amount to the builder you can claim the benefit.
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