POSTED BY September 24, 2013 9:16 am COMMENTS (4)
ONI took a home loan in July 2011 and I got possession of my flat in Jan 2013.
I read some articles where it is said that interest and principal can only be claimed after possession. And that the interest accrued in pre-possession period can be claimed in 5 equal installments in next 5 years but it should be under the 1,50,000 cap only.
The pre-possession interest that I paid was 130,000 but then during 2012-13 year also the interest that I paid is 1,50,000. So does this mean that I can’t claim the interest amount that I paid in the pre-possession year?
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Dear Abhinav, as the house in question is self occupied, the maximum benefit of interest is limited to 1.5L Rs. this inlcudes your current year interest as well as old interest.
thanks
Ashal
Dear Abhinav,
Yes, you can claim the interest paid during the pre-possession period in equal installments over the next 5 years but the interest claimable under each year would be capped at Rs.1,50,000.
Regards,
Credexpert
http://www.credexpert.in
Hi Ashal,
The house is self occupied.
thanks,
Abhinav
Dear Abhinav, the pre construction interest can be claimed in 5 equal installments but the important thing is – the house in question is self occupied or rented. Please clarify.
Thanks
Ashal