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If housing loan is taken in the year 2012-2013 for d purchase of residential house...n repayment installment have been paid including interest till now...bt possession n ownership deed is received in the month of may 2014... Will interest exemption b availed as per section 24b... N is deduction under 80 c for d repayment of loan b claimed for d A.Y 2014-2015?
Replies (2)
As regards the Principal amount of Home Loan , deduction is available u/s 80C for the AY 2014-15.
But for the Interest on Home loan u/s 24b, no deduction can be claimed since the possession is transferred only in the current FY. Hence you can claim the interest as pre-emi interest in the next year.
Also there is one Sec 80EE which is applicable for only AY 2014-15 and 15-16. If the conditions of that section are satisfied, the interest can be claimed this year itself.
Thanx alot for solving my query...it will b very helpful...:)
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