I had taken a loan from ICICI on 15th Nov 2004. The builder handed over the flat for occupation on 10th Nov 2007. I received the OC from the muncipality only by Dec 2008(after 1 year).
As per income tax rules as the period of occupation from loan sanction date is more than 4 years I am not eligible for the complete 1,50,000/- as interest on borrowed capital for self occupied property. And the eligbility is 30,000/- .
My question:
What date should I consider as occupdation date while declaring(date of acquisition/contruction as per builder's leeter or OC date received from Muncipality)? Since the OC date from munciplaity is only after 1 year am I eligible for the complete 150,000 rebate on the interest. KIndly advice.....
CAclubindia
