Regarding deduction on interest paid on property
This query is : Resolved
14 February 2015
I have booked a flat through builder and take loan from bank and paid interest and emi thereon, but we have not the possession of flat and sell the rights of flat to other person.
My question is that, can i claim the deduction of interest & emi paid on loan and if it is possible, kindly clarify me on urgent basis
My question is that, can i claim the deduction of interest & emi paid on loan and if it is possible, kindly clarify me on urgent basis
14 February 2015
Interest as well as principal repaid are not eligible for deduction ,for the purpose of income tax calculation, since you did not get the OWNERSHIP of the flat instead you had only a booking right which will not suffice.
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