hi i have filled and posted my ioncome tax for the year 2011-2012 in right time. I have taken a home loan of 24lakhs from hdfc. they posted my interst and principle payment of the year 2011-2012 after i filled my e tax . i am yet to take possession of the house as it is still under construction. Should i try to fill another itax taking into 148000 paid under interest or i should not file any new itax form.
thanks
Sunil Rathore
You would not get the exemption for itnerest on home loan as the property is still not in your possession. Interst exemptionc an be taken in 5 equal installments once you get the possession of the property.
However you would still be eligible to get the deduction on account of principal payment. Please check the amount of principal payment made by you during 2011-12. If it is nominal leave it. If it is subsequent then please file a revised return.
Where the property has been constructed with borrowed capital, the interest payable on such capital for the period prior to the previous year in which the property has been constructed shall be deducted in 5 equal instalments.
So once you get possession of the property, you can get deduction under Section 24.
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