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Icome tax claim for under construction flat for which full emi paid before possession

Tax queries 214 views 3 replies

HI Praveen Here ,

I need your help.

 I have recently purchased a under construction Flat  and  my home loan got  approved f, bank has partially disbursed the  amount to to the builder. Home loan which i took was  for 25 years and i had opted for  full EMI payment  now itself before the flat  possession(Possession will be on 2020 Q4), since i did  not wanted to pay only the interest until the possession. Now the question is that can i declare and claim the   income tax exemption for home loan emi which i am paying now  (interest and principal interest) from this year .

My employer wants  every employees to do the  Investment declaration for FY 2019-20 as they can  start deducting tax amount from  our salary every month  and i need to know am i eligible to  declare my home loan EMI amount which i am paying currently  for tax exemption(investment).

Thank You in advance for your valuable suggestions.

Replies (3)
you can claim only interest portion not principal portion
cannot claim untill the construction is complete.....

correct if am wrong,

 => even if am  paying Full EMI, cant i  claim  the tax exemption..?

 =>what i believe that i can claim a interest  excluding the principal amount  from the emi  till possession.

 


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