Mr. x has taken a home loan in the F.Y.2009-10, possession will be in JULY-.2010.
during the F.Y.2009-10 He has paid a principal of Rs.36480 & interest 4322,
NOW FOR THE F.Y.2010-11 A.Y.2011-12 onwards he will have to claim the interest paid amount in 5 equal installments each year.
IS IT RIGHT IF NOT PLZ ADVICE.
Interest before P.Y 2010-11 to b aggregated and allowed in 5 equal installments...
Interest for P.Y 2010-11 and onwards to b allowed in the year of accrual itself
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