Deduction of housing loan
Hi. Friends.. I wana ask 2 things. One of my relative took housing loan of 27lak. N now he is payng emi. He is still not in possession of house. My 1st question is- can he take interst part paid in emi as deduction ? Is their any condition other condtion? My 2nd question- what abt principal part? Is it claimed immediately in sec80c or wait till he get possession. Pls guide. Thanks
Replies (4)
What is the reason for not getting possession? How he got Housing loan without having possession?
BOTH DEDUCTIONS ARE AVAILABLE ONLY AFTER THE POSSESSION.
By possession i mean he is not living there. He has booked the flat and taken loan for that.
Hello,
Ur house is under construction or ready to use ??
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