Deductions on House loan Principal and Interest

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  1. Snehil

    Snehil New Member

    I am aware that deductions are allowed on Interest (section 24) and principal (section 80C) component of EMI paid against housing loan.
    My query is if registration happens in say Nov,2016 then can these deductions be claimed only for Nov16 - March17 and not for the whole financial year in which registration of property took place.

    I am also aware that exemption on Interest accrued before registration can be claimed in equal instalments in next 5 yrs. after registration. So, please clear my previous doubt.
  2. ZED

    ZED Well-Known Member

    From Nov 16 you can start claiming the deduction, the prior period deduction will be allowed in addition to that but s.b.t monetary limits u/s 24
  3. Snehil

    Snehil New Member

    Thanks Zed. Can you please elaborate on monetary limits u/s 24?
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