Dear Sir I'm Claiming Housing loan interest and Principal repayment deduction from last 3 years in my ROI for my SOP Property. In FY 2022-23 my Property was taken in Redevelopment. (i.e. My society has taken by Builder for Redevelopment)
My Question is can I claim Housing Loan Interest and Principal as earlier in AY 2023-24 Return because I'm Still paying EMI as before. Is there any any different treatment as property is not SOP now.
Thank you.
Have you informed the bank about the redevelopment of your HP & have taken NOC from the bank?
Have you given possession of the flat to the developer?
Yes sir, Possession is given to builder in FY 2022-23.
Informed the Bank about redevelopment but not obtained any NOC from bank.
As per the terms of home loan agreement you cannot part away the possession of the flat so first obtain the consent letter from bank. It may happen that in future the bank may take any legal action against you.
If bank continues with the home loan, you can continue your deductions, as bank will give you loan interest certificate. But I have doubt about bank's stand in such situation.
Ok sir.... I'll check and obtain NOC from Bank as I was not aware of this procedure. They have given interest certificate to me for claiming deduction.
Good luck ...
CAclubindia
