Hello:
I have bought a seond house in the joint name of me and my wife (wife is not working) in Dec 2010.
I will be registering / possession of the second house/apartment in Feb'2013.
Query 1: Will I be able to get IT deductions for the Interest Paid for the financial year Apr-2012 to Mar-2013?
Query 2: For the interest paid in the past year, will I be able to claim IT deductions in retro?
Regards,
Suresh
Query 1 :
If the house is let out, the interest on the loan would be allowed to be deducted from the income from HP without any limit. However, the same would be capped at Rs. 1,50,000/- if not let out.
Query 2 :
For interest paid before the of the home is capitalised and is allowable to be deducted on the 5 years starting from the FY of completeion. However, the cap of Rs. 1,50,000/- would include such capitalised interest.
You can not make any retro claims..!
Thanks much.
Since I have not regsitered and taken formal possession, I will not be able to submit any IT proofs to my organization to ensure IT deductions are done by my employer by March'2013. However, when I file my IT returns, will I be able to claim these returns?
Regards,
Suresh
yes u can
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