Dear Saurabh
As per Section 24(b) of the Income Tax Act, 1961, Interest on loan pertaining to the period prior to the previous year in which the propery was acquired or constructed will be allowed as deduction in five equal instalments.
As per my opinion, from the above , it appears that acquisiton of property is the main criteria not the possession. Further all interest payable by you in the year 2011-12 will be allowed as deduction in 2011-12 i.e. Assessment year 2012-13. Only interest pertaining to prior to 2011-12 i.e. 2010-11 and before will be eligible for deduction in five equal installments.
Further you can claim the deduction in return if u fail to get tax benefits through your employer. Also please remember , maximum amount of deduction in self occupied property is only Rs. 150000/- in a year.
Regards,
Raj Kumar Das
From: saurabh <saurabh_verma81@yahoo.co.in>
To: CrossingsRepublikOwnersAndMembersAssociation-CROMA@yahoogroups.co.in
Sent: Monday, January 23, 2012 9:36 AM
Subject: [CROMA] Income tax rebate on INTEREST part
To: CrossingsRepublikOwnersAndMembersAssociation-CROMA@yahoogroups.co.in
Sent: Monday, January 23, 2012 9:36 AM
Subject: [CROMA] Income tax rebate on INTEREST part
Hi,
I am going for registry of my house on 15 Feb 2012 and will be getting my registry document by 20 Feb 2012. I will really appreciate if anyone can answer my following queries:
1) Can I get the tax rebate on INTEREST part of Home lone as I will be doing the registry before 30 March 2012? I will be getting the possession letter from Builder in April 2012 end only as he is asking for some time to complete the finishing work once the registry is done. So I will be having only registry document in Feb 2012.
2) My company have asked to submit investment prove till 30 JAN 2012 for this financial year. So I will not be able to give the Registry document to my company and they will deduct the tax without any rebate in INTEREST part of home loan. Can I file a tax return with the home registry document?
Thanks in advance
Regards
Saurabh Verma
I am going for registry of my house on 15 Feb 2012 and will be getting my registry document by 20 Feb 2012. I will really appreciate if anyone can answer my following queries:
1) Can I get the tax rebate on INTEREST part of Home lone as I will be doing the registry before 30 March 2012? I will be getting the possession letter from Builder in April 2012 end only as he is asking for some time to complete the finishing work once the registry is done. So I will be having only registry document in Feb 2012.
2) My company have asked to submit investment prove till 30 JAN 2012 for this financial year. So I will not be able to give the Registry document to my company and they will deduct the tax without any rebate in INTEREST part of home loan. Can I file a tax return with the home registry document?
Thanks in advance
Regards
Saurabh Verma
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