Int on housing loan, if the construction is beyond 3 years

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  1. Mallikarjuna Gowdar

    Mallikarjuna Gowdar New Member

    Hello All,

    I signed the HBA agreement in the year Jan 2011 and the first disbursement was made on 26th march 2011. Even today (as on 9th Dec 2014), the builder has not given the property. He says it will take another 2 months.

    My question is, I have started paying the Pre EMI to the Fin Institutio from second year. this year i have paid Rs. 252000 towards interest. I am exepcting the possession will happend by March 2015. Can I clain still go ahead and claim benefit u/s 24?

    The IT act Section 24 says :
    ""Provided further that where the property referred to in the first proviso is acquired or constructed with capital borrowed on or after the 1st day of April, 1999 and such acquisition or construction is completed 26[within three years from the end of the financial year in which capital was borrowed], the amount of deduction under this clause shall not exceed 26a[one lakh fifty thousand rupees]."""

    Please "within three years from the end of the finacial year in which capiotal was borrowed" I understand that the I borrowed the capital from 2011 to 2014 and I should be able to claim the deduction, if not this year then next year..

    Appreciate your views and any rulings that have come up.

    Regards,
    Mallikarjuna Gowdar
     
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