Menu
House property
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...:)
Recent Threads
- Planning of Ceased a Business i.e Closure of Compa
- Property value in 26QB
- Form 26QB Multiple Buyer/Multiple seller
- Company Formation for clothing business
- TDS on purchase 194Q
- Compensation for urban land acquisition
- Understanding section 269st
- CASH AS GIFT OR FD AS GIFT
- NPS Pre Maturity full exit taxation rules
- Planning to ceased a Business
Related Threads
CAclubindia
