Home Loan deduction Under Sec 24

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  1. nikhilbhagwat

    nikhilbhagwat New Member

    hi,

    I purchased a house in Feb 2012. I started borrowing for the same in Mid 2013. The property is likely to be completed by March 29, 2016 and i am likely to receive the completion certificate from the builder.

    My queries are:

    a. I have so far been paying only the priciple component back on the home loan taken - Can i claim deduction?
    b. Would a completion certificate suffice for claiming the deduction or do i need to register the property? In Karnataka, the property is not registered at the time of booking, unlike in Maharashtra
    c. If i receive possession in this FY, can i claim a tax deduction for my taxable income in this FY?

    Would appreciate your comments...

    Nikhil
     
  2. Chandrashekar M

    Chandrashekar M Active Member

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