Dears,
I had taken house loan for purchasing flat in 2016 and regularly installment paid, but registry & possession not done till date. Can I taken rebate of housing loan interest & principal in income tax. please explain in detail with section.
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Rebate on housing loan in income tax
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Interest on pre-costruction period is available for rebate in 5 equal installments but only after receipt of possession. Till then you are not allowed to claim, but gets accrued. From the year of getting possession you can claim 20% of the accrued amount every year, along with regular annual interest claims..... Sec. 24(b) of IT act......
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