Tax rebate on housing loan emi

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

24 January 2013 Hi,

I have booked a flat and taken home loan in 2010.flat is underconstruction and will be ready for possession around jan 2014. my question is whether i can claim tax rebate on principal amount of EMI which i am paying to bank under 80C before getting the possession of flat ? i have asked some experts and they suggest that i can avail tax benefit on EMI only once i get the possession of house but i know so many people who are claiming the rebate before possession...

please clarify my confusion and give the detail proceedure of claiming the tax rebate.

Regards

Arjun Singh

kunal

kunal (Expert)
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25 January 2013 no you can not claim deduction of principle amount u/s 80c before completion of house.

Completion of house means:-
1.completion certificate in respect of the house property by the authority competent to issue such certificate or
2.house property or part has been occupied by the assessee or any other person on behalf of assessee or
3.has been let out;

Querist : Anonymous

Querist : Anonymous (Querist)

28 January 2013 Thanks for your reply...need more clarity on this issue. can you suggest me the tax book reference where i can read the answer..because i know so many people who are claiming principal amount dedcution under 80C before completion of house. even they claiming that they have taken opinion from CA and HDFC Baranch Manager.

Thanks
Arjun

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