Deduction on Home Loan Interest

Condition 1- In FY 22-23, I take a loan from bank for purchase a completed flat for self occupied from Mr. X.

Condition 2- In FY 22-23, I take a loan from bank for construction a flat for self occupied from Mr. Y.


From when I can claim the Interest amount u/s 24 in Condition -1 & 2?
Replies (4)
Quick Summary
This discussion clarifies when you can start claiming deductions on home loan interest under Section 24. It covers scenarios for both purchasing a completed flat and constructing a new one for self-occupation. The key takeaway is that you can typically claim interest from the date of loan disbursement or possession, whichever is later, provided you have the occupation certificate.

1. From the day of occupation of house or repayment of loan EMI, whichever latter.

2. From the date of receipt of Occupation Certificate

Generally receipt of loan and possession certificate is essential .
Thank you both of you for your response.

You are welcome..                              

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