Rebate under sec.24 of IT Act.
This query is : Resolved
13 February 2011
Learned authorities on the subject,
Pl. solve my problem. I have taken a housing loan from a nationalised bank. An agreement with the builder of flats has been entered. Construction yet to complete and posseession has to follow threuopn. But as per the instructions of the Bank I have been repaying the HBA through EMI.
Kindly let me know whether I can claim tax rebte under sec. 24 of IT Act. Pl note possession of house is yet to follw.
Pl. solve my problem. I have taken a housing loan from a nationalised bank. An agreement with the builder of flats has been entered. Construction yet to complete and posseession has to follow threuopn. But as per the instructions of the Bank I have been repaying the HBA through EMI.
Kindly let me know whether I can claim tax rebte under sec. 24 of IT Act. Pl note possession of house is yet to follw.
13 February 2011
You can claim interest U/s 24 only when the construction will be completed and possession will be handed over to you.
Meantime , interest paid by you can be claimed in 5 instalments , starting from the year of possession.
Meantime , interest paid by you can be claimed in 5 instalments , starting from the year of possession.
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