cpc

tax benefit for emi for underconstruction flat


I have bought one under-construction flat in Mumbai (Dombivali) which is still under-construction but now due to my job change, I had to relocate to Delhi where I am staying on rent. Since, My under-construction flat is in Mumbai and not yet get the possession but I am paying EMI (interest + principle). Please suggest can I get a tax benefit of both on EMI & HRA (in Delhi)?

Please indicate the section number where its clearly mentioned which I can show to my employer who has denied the claim on tax benefit for EMI.



 

 
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Sir,

As per section 24(b) of the Income Tax Act 1961 you can claim benefit for Housing Loan reayment.This benefit will not bar the claiming of HRA benefit for rent payment.You can claim both.

Regards

Narayanan.P.Potty

Advocate

 
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Dear Sir,

Simillar above case is happen with me but I have bought one under-construction flat in Pune on Aug 2011 which is still under-construction also i am staying on rent in same city. Now I am paying EMI (only interest) & Rent. As per my company rule i can only claim HRA, not a Home Loan EMI whenever i will not get the possession letter.

So please suggest me can I get a tax benefit of both on EMI & HRA in financial year 2012-13?

 
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