repayment of housing loan
This query is : Resolved
CA Ritu Dhawan
(Querist)
13 November 2008
hi
i hav a quarry
1. my housing loan emi start before i get the possisson of flat (loan under construction link plan)
2. can i take repayment of principle u/s 80c as decduction
3. can i take interest on loan u/s 24 as decduction under the house property
4. can i claim HRA
i hav a quarry
1. my housing loan emi start before i get the possisson of flat (loan under construction link plan)
2. can i take repayment of principle u/s 80c as decduction
3. can i take interest on loan u/s 24 as decduction under the house property
4. can i claim HRA
Gayathri Devi
(Expert)
13 November 2008
Ya you can claim the deduction u/s 80 C & sec 24
If your house is self occupied then you cant able to claim HRA if it is let out only you can claim HRA
If your house is self occupied then you cant able to claim HRA if it is let out only you can claim HRA
13 November 2008
You can take Deduction U/S 80C for the portion of Principal Repayment merged in the EMI.
The Interest charged by Bank before start of the EMI and the interest component merged in the EMI are in the nature of Pre-Construction Interest and can be claimed as deduction over a period of 5 assessment years after taking possession of the house.
At present the house is under construction and there is no income from house property and therefore no interest can be claimed U/S 24.
If the house is under self occupation, no HRA can be claimed.
The Interest charged by Bank before start of the EMI and the interest component merged in the EMI are in the nature of Pre-Construction Interest and can be claimed as deduction over a period of 5 assessment years after taking possession of the house.
At present the house is under construction and there is no income from house property and therefore no interest can be claimed U/S 24.
If the house is under self occupation, no HRA can be claimed.
13 November 2008
Agree with the view of Pramod.
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