Tax Benefits for Home Loan interest

Milind (Marketing Manager) (28 Points)

12 May 2009  

Hi,

I have taken a home loan for which the first disbursement happened in March 2008. The house was under construction then. My EMI started immediately in April 2008.

From March 2008 till March 2009, I have done the part payments to builder & I got the possession of my house in March 2009. I have occupied house now.

The amount of interest that I paid in this period i.e. from March 08 to 09 is much higher than Rs. 1,50,000/-

My query is how can I claim the benefits & how much I should claim? I heard that I can claim 20% of amount of interest paid when house was under construction for next 5 years & also this amount is over & above Rs. 150000/-

Kindly advise