Dear Sreekanth,
Hope you are doing well, need your advise please
1.I have a taken a home joint home loan (self & spouse) for a under construction flat in 2016 and the property got the GHMC occupancy certificate in Apr 2018 and it will be self occupied in few months from now
2.Opted to pay Full EMI from the time the disbursements started
3. IT provisional certificate for 2016-2017 and 2017-2018 shows the principal and interest component
Question:
How can I claim the Tax exemption for the AY 2018-2019
Can we claim Rs. 2 lac (interest) each as we both are co-owners or its only 1 lac that each of us can claim?
Thanks a lot in advance for your help and expert advise
Cheers
Digvijay
1 Answers
Dear Digvijay,
As you have received the Possession Certificate in FY 2018-19, you can claim tax benefits from this FY 2018-19 / AY 2019-20 onwards.
The interest paid during FY 2016-17 & 2017-18 is treated as Prior-period interest and can be claimed as 5 equal installments along with this FY regular payment.
Both of you can claim Rs 2 lakh (maximum) as loss from house property under the head 'income from house property'.
Kindly read:
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