Query on tax benefit on home loan

Tax queries 865 views 4 replies

Rajkumar

25 Points Joined December 2011

Hello Sir/Madam,

I stay in a rented house in Navi Mumbai and also bought a new property in Navi Mumbai in Jan2011.

I shall be getting possession of my house in the end of Feb 2012 (but by that time the cut off time for submitting my investment proofs would be over in my company).

Until Feb 2012, I shall be staying in a rented house: So can I claim HRA from April 2011 to Feb 2012.

While filing my returns in the month of June 2012 or July 2012: In addition to the HRA, can I claim principal + interest (from April 2011 to March 2012, provided if I get the possession).

Do I need to submit any document to the Income Tax authorities stating that I have got the possession of my house?

Thanks in advance for your help.

Regards,

Rajkumar.

Replies (4)

@CS Siddharth Bumb.

B.Com CA Final CS

5270 Points Joined September 2009

I think you can get HRA benefit as well as interest and repayment benefit, because upto march you will not get possession of house property so you can claim HRA upto feb and ofcourse you will get interest and repayment benefit...

rectify me if i am wrong

DAdenwala

53 Points Joined January 2011

Dear rajkumar, if u get the possession in feb'2012 then u claim both the deductions HRA as well as Principal & interest, but if u dont get ther possession in the period u can only claim HRA .

The above information is true to my knowledge, plz consult a certified chartered accountant.

DAdenwala

53 Points Joined January 2011

Dear rajkumar, if u get the possession in feb'2012 then u claim both the deductions HRA as well as Principal & interest, but if u dont get ther possession in the period u can only claim HRA .

The above information is true to my knowledge, plz consult a certified chartered accountant.