Hi All,
Background:
In the FY 2012-13 I have applied for a home loan from HDFC. The loan got approved and HDFC arranged the disbursement cheque ready informed to come and collect the cheque. Due to personal reasons I had to cancel this loan and Apartment purchase.
In the FY 2013-14 I have decided and purchased the apartment which is under construction and possession is going to be in March 2014. I am going for loan around 24 Lakhs from the same HDFC. FYI, my flat cost is less than 40 Lakhs.
Need some of the clarifications for the below queries:
1. HDFC official suggested me to use the same loan account which i had opened in 2012 and they can disburse the amount applied loan now in FY 2013-14.
In this case can we claim the additional 1 Lakh (In addition to the existing 1.5 Lakhs, thats what i understand from 2013-14 taxation. Correct me if i am wrong) on the interest payable on my loan? Or the loan account also should be opened in this financial year to get benefit from additional 1 Lakh tax exemption?
2. What if I don't take the possession in this FY 2013-14 rather take it in FY 2014-15? Can I still claim the interest paid on my home loan during FY 2013-14?
3. Under what sections I need to claim the principle and interest paid on loan amount?
Thanks in Advance,
Srinivas
CAclubindia
