if one person taken home loan from bank,
bank has paid loan in two installments from sep to march & one is pending from bank side, which will be paid by bank may 2012.
& till march 2012 only one installment is paid.
can person claim exemption interest charged by bank on home loan ?
yes u can claim bank interest only if your house property income can come under "INCOME FROM HOUSE PROPERTY"
Yes, you can claim the deduction on account of interest on bank loan for whatever amount you have repaid to the bank during the F.Y. the disbursement of the part of the loan in the next F.Y. would not cause any problems on your side as the bank is doing the disbursement. You will only get the exemption of the EMI paid by you to the bank during the F.Y.
Yes, you can tk the interest deduction on the account of Interest payment done on the Loan amt.
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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