karmesh (consultant) (32 Points)
17 July 2012Hello All,
Recently i purchased apt , and still i am staying in rented house as i will get my apartment's poession after 18 month.
So as of now only interest is going as my emi, so can i claim for interest on housing loan for income tax.
Regards,
K R singh
CA CS CMA Sanjay Kumar Sareen
(Professional Faculty)
(186 Points)
Replied 17 July 2012
YOU WILL GET THE POSSESSION OF THE HOUSE AFTER 18 MONTHS WHICH MAY SUGGEST YOU HAVE NOT GOT THE HOUSE REGISTERED IN YOUR NAME. ONLY PURCHASE AGREEMENT HAS BEEN SIGNED. TECHNICALLY YOU ARE NOT THE OWNER AS ON DATE AS I BELIEVE THE HOUSE IS STILL UNDER CONSTRUCTION. HENCE NOT ENTITLED FOR INTEREST TILL CONSTRUCTION IS COMPLETE.
mike
(MTO)
(43 Points)
Replied 17 July 2012
You may got a prove that your home was not rented and empy for last year. and provide to bank that your buseiness has been lost. so hope tax department can reduce or finish tax.
Yajendra Adhikari
(Chartered Accountant)
(334 Points)
Replied 17 July 2012
After Construction is completed. You can claim the deduction of interest paid, in 5 equal installments.
@*CS Siddharth Bumb. *
(B.Com, CA Final, CS )
(5270 Points)
Replied 17 July 2012
| Originally posted by : Yajendra Adhikari | ||
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After Construction is completed. You can claim the deduction of interest paid, in 5 equal installments. |
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