Itr filling for home loan tax benefit

Hi,

I have purchased a property in Mumbai in August, 2015 by taking home loan from SBI and started to pay EMI from October 2015. At the time of purchase, interior wood work was not complete. I got completion certificate in Feb, 2016. Can I claim entire principle & interest amount in AY 2016-2017 by filling ITR or do I have to claim it in next 5 subsequent years.

I would be very much thankful for your response as it would help me to file my ITR.

Thanks,
Rakesh

 

Replies (5)
Dear Rakesh, you can claim entire principal and interest amount paid by you in 2016-17 subject to limits u/s 80C and section 24 as the acquisition of house property is completed on August 2015, interior wood work which was not completed on the date of purchase has no relevance here since the basic requirement of acquisition is fulfilled.

Thank you Harshal for such a quick response.

My only concern is that even though I purchased the property in August 2015 but the completion certificate is dated to 22 Feb, 2016. Can I still claim entire amount in AY 2016-27?

I would be very much thankful for your response.

 

Thanks,

Rakesh

 

Mr.Rakesh, as i understood from the facts given by you that when you acquired the house property in Aug.2015 only interior wood work was pending. Correct me if i am wrong

Hello Harshal,

 

Yes, only the interior work was pending but I hadn't got the possesion in August, 2015. I got the completion certificate & possession in by end of Feb 2016 only.

 

Thanks,

Rakesh

You can take the exemption, for AY 2016-17..

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