Prasad Choche (Tax Consultant) (40 Points)
15 November 2010Dear All,
I am a salary person & purchase a flat on 14/09/2010 but possession for this on next year. I have also the Housing Loan for it. Our company also provides me the HRA facility & upto possession date I would be living on rent.
So what are the tax treatments of my Principal Amount & Interest amount? Can I get benefit of HRA?
Thanking you
Prasad Choche
CA Lokesh Pokharna
(CA (Ahmedabad Bhilwara Chittorgarh))
(4128 Points)
Replied 15 November 2010
u can get benefit of tax on the interest amount + principal amount after possesion & i think u cant get hra exemption
Aditya Maheshwari
(CA in Practice)
(35867 Points)
Replied 15 November 2010
Principal & interest repayment of loan after taking possession of property will be allowable as deduction from the year in which possission is received, i. e. next year.
Interest paid during preconstruction period will be allowable in 5 equal instalments over a period of 5 years.
CA Mohit Agrawal
(Chartered Accountant)
(371 Points)
Replied 19 November 2010
You can get deduction u/s 24 of the interest on loan & repayment of loan u/s 80c and you can also claim the exemption of HRA u/s 13A as you were actually on rent and you can furnish the receipt of rent for the period you paid rent i.e till you got the possession of house.
Mohammad Asif
(chartered accountant)
(191 Points)
Replied 24 November 2010
interest on loan taken will be allowed as deduction from income from house property U/S 24(b) and will also get eligible for deduction U/S 80C at the time of repayment of loan and you can also claim Examption U/S 13A
Sunshine
(Helping All)
(10575 Points)
Replied 25 November 2010
| Originally posted by : Mohammad Asif | ||
 |
interest on loan taken will be allowed as deduction from income from house property U/S 24(b) and will also get eligible for deduction U/S 80C at the time of repayment of loan and you can also claim Examption U/S 13A |
 |
agree
CAclubindia
