Benefit under section 24

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..... My wife booked a flat in Ashiana Utsav Bhiwadi in March,2006. The flat is under construction and possession is likely to be offered in March,2008. She raised a loan of Rs.15.95 lacs for this flat from HDFC in Apri,2006. She is regularly paying her EMI"s since May,2006. Kindly let me know if she can claim the benefit of repayment of Principal and intt under section 24 (Loss on house property) for .....

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..... the F.Year 2006-07 and F.Year 2007-08 - Reply By Surender Gupta - The Reply = The interest would get accumulated till the acquisition of property. Since you did not possess the property, the benefit of deduction of interest is not available - Reply By V Ramanujam - The Reply = Interest on repayment of loan paid in the financial year on which the house is acquired/construction is completed is e .....

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..... ligible for deduction u/s 24 in the same financial year. Interest on EMI paid relating pre-construction period is eligible for deduction in five equal instalments only from the financial year in which the property is acquired/construction is completed. Repayment of principal is eligible for deduction u/s 80C from the financial year of construction/acquiring of house property. - Reply By SHIRI .....

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..... SH NAGCHANDI - The Reply = the interest accumulated till 31.03.2007, can be claimed in 5 equal installment from the financial year 2007-08.The interest paid for 2007-08 can be claimed as loss from house property up to rs. 1.50 lakhs, and the payment of principal can be claimed under sec. 80 c to ccc as deduction limited to rs. 1.00 lakhs.pl note that for availing the benefit of interestand princip .....

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..... al the house should be ready and in possession before 31.03.2008 - Benefit under section 24 - Query Started By: - Naresh Makkar Dated:- 23-2-2008 Income Tax - Got 3 Replies - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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