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.
CAclubindia
