hi,
I purchased under construction flat in Jan 2013. Started paying pre-EMI from April 2013 - Sept 2013. Got Possession in Oct 2013. How can I claim rebates on 1,71000/- interest paid during Apl13-sept13. Which section of ITR 1, I need to key the value 1,71000/5 = 34200/- . I already have claimed regular interest deduction of 150000/-
thanks
Hello,
The pre-construction interest is allowed upto a limit of Rs 2 Lakhs including the current year interest payment on home loan. This can be claimed only after the house is ready and possession is taken over. If the house has been let out, the taxpayer can claim the entire interest component as deduction from the rental income without any restriction
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