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.
- Can I claim tax rebate of 1.5 lakhs for FY 2013-14 + 20% of aggregated Interest for previous years?
- 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?
- 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?
- Any other information which you feel can help with tax saving as the impact would be hard on me.