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Posted On :- 25/04/2007
 
Question Asked :-  
 
Interest on Home Loan Scenario: Possession this fiscal, loan started last fiscal. Can I claim deduction of Rs.1.5 (this fiscal) + Rs. 30,000 (1/5th of last fiscal) = Rs. 1.8 lakh?  
 
Answer :-  
 
Since you got possession in this financial year, 2007-2008, you will not be able to claim tax deduction benefits for the financial year ended March 31, 2007. The total deduction for the interest payable in respect of a loan takento acquire a self-occupied property cannot exceed Rs. 1.5 per year. Click on the link below to get a detailed response to your query: http://www.apnaloan.com/taxtips/home-loan-india/taximplicationonpreemi.html  
 

Home loan query listing
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Qid Question
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12419   I have a home (just the structure) for which plumbing, electricity
12408   studio appartment in vaishali amount 9 lakh,area 400 sq ft can fina
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12401   I am earning 25,000 per month.I want to take a home loan. Please te
12400   I have been recently alloted a plot from Haryana Urban Development
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12390   My net income is Rs.20000/-. How much loan I will get.Pl let me kno
12389   I don't know any of the procedures to avail home loan. I need the l
12381   How many days will be taken by the sanction of loan and what docume
12379   whether housing finance is given on land+construction basis, if yes
12375   Can I get loan for applying DDA Flats in Delhi (1.5 lakhs - 3 month
12374   i am in mysore..so how get loan
12373   WHAT IS THE STRUCTER OF REPAYMENT OF HOME LOAN
12372   Hi,i took a housing loan for Rs 24Lacs, from icici @9.75% in 2006 f
12359   I have Rs. 30 Lakhs housing loan with HDFC at 11.75% floating rate,
12358   i am working in an mnc as a production manager for the past 5 yrs.
12357   I took home loan from HDFC bank of Rs 38 lacs @ 10.25 % interest ra
12350   I am a employed person with gross monthly income of 30400 per month
12337    I took home loan of Rs. 720000 for 240 months at 10.25% interest r
12332   Dear Sir Advice me, because i have not any knowledge about loan an
12330   looking for loan for shop cum flat (SCF) ,would it be considered a
12328   If the property is under construction and we have taken loan for th
12324   I am working at delhi, can i get home loan from any bank to purchas
12323   Does a Housewife (who has no income of her own) and who is a Co-App
12314   HOW MUCH AMOUNT I CAN TAKE AS HOME LOAN
12312   I have applied for say ten lacs. my loan is approved for 10 lacs. B
12308   how much amount i can get for home loan if my last three ITR is 410
12304    Ihave took a home loan of 4.5 lacs in 1998 to buy a flat. I
12303   I have taken a loan from ABN Amro of 20 lacs at 6.5 lacs initial 2
12293   Hi, I have flat with joint ownership with my wife. I want to purch
12292   I am buying a flat via home loan sanctioned for 90% agreement value
12291   i have one house in Pune which is given on Rent and i stay in Banga
12289   My wife does not have a fixed source of income. She earns approx 1,
12283   respected sir, my loan from IDBI was aproved 850000 for perchasing
12260   dear sir/madam i am a salaried employee , my salary is 20800 per m
12251   I want to know, how much loan I could get right now.My monthly sala
12250   I am running a loan with ICICI Bank for the last 6 years and I want
12248   How to choose between floating or fixed interest rate? Below are de
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12239   I have taken 2 Personal Loans in the month of May 2008 and Rs.3155+
12234    My age is 40 years. I have taken VRS from MPSEB three years back.
12233   I have heard that if the housing loan amount is less than rs.25,00,
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