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Rebate under sec.24 of IT Act.

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venkatesh (Querist)
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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.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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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.

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