Tax rebate on home loan interest - possession after 3 years

Vishal (Service) (25 Points)

04 January 2014  

Dear Experts,

Kindly consider below scenario:

  • I took a housing loan in year 2009 for under construction flat in Noida (full advance payment).
  • I am based in Hyderabad due to Job.
  • Paid EMIs from Aug-2009 to Jan-2014.
  • Will Take possession next month (Feb-2014) after paying remaining 5% of total payment.

Query:

  1. Can I claim tax rebate of 1.5 lakhs for FY 2013-14 + 20% of aggregated Interest for previous years?
  2. From the forums, I could only get info like I can't if the possession is delayed over 3 years and property is self-occupied. What options are available to me here so as to claim 1.5 lakhs?
  3. As I'm based in another city (rented accomodation), If my Noida Flat can be shown as rented-out and tax rebate of 1.5 lakhs be claimed?
  4. Any other information which you feel can help with tax saving as the impact would be hard on me.

Kindly advice.