Hello Experts ,
I have purchased a flat in Aug 2013 with the Borrower (My Wife) and Co-Borrower (Me) . And registry in Jan 2014.
Also make the prepayment of some amount of loan . Got the possession also in Jan 2014.
Do i am eleigible to take the rebate of principal , inteerest , prepayment , and registry amount .
If yes , how can i take the rebate for prepayment and regisrty except interest and principal ?
Thanks in advance ..
Aman
Stamp duty, regn fee and repayment of loan (principal) can be claimed as deduction u/s 80C (subject to max INR 1 lac). Interest payable is deductible without any limit (if house is let out) or up to Rs.1.5 lac (if self occupied). Moreover, you can claim deduction of an additional interest up to Rs. 1 lac u/s 80EE if other conditions are satisfied. Please refer 80EE for more details.
Hi Poornima ,
Thanks for your reply . But i thnk the full registry amount should be in rebate .
Please cnfrm
entire regn fee (subject to limit) can be claimed only in the FY in which you purchase the house
Yeah, full amount subject to a max limit of 1 lac is deductible u/s 80C from the income for FY 13-14
what will be the tax treatment of compensation recd from the builder for delayed possession? Will it be taxed as revenue receipt or reduced from cost of flat as capital receipt?
CAclubindia
