Hi,
I have some queries regarding home loan and HRA.
I bought a flat in bangalore on August 2011 which was under construction at that time. I was paying the home loan EMI from that time onwards. I am staying in a rented house. As the possession was not done for my new flat, i didn’t claim it in income tax (I didn’t claim home loan principle and interest both. It was a misunderstanding from my end). Now the possession is planned on January 2014.
My queries are as follows:
1) As the possession is on January 2014, can i claim HRA from March 2013 to Jan 2014 in Year 2013-2014 income tax?
2) As the possession is on January 2014, Can i claim the home loan principal and interest for this full year?
3) What about the principal and interests that paid before the possession? As far as i know, i can split the interest amount into 5 equal parts and claim it while submitting ITR file. But i didn\’t claim the principal amounts also in my previous years. How can i do it now?