Tax rebate on home loan

Hi,

1. I purchased my flat in Jun 2015 and got possession letter and possession in Oct 2015 .THis is my first and only flat.
2.My wife is co owner and also 2nd applicant in home loan .
3.i paid EMI for 6 months and my wife 3 months ( total 9 months from Jul 2015 - Mar 2016).
4. My flat is not registered but builder provided me possession certificate .
5. I stayed in Rented apartment till i got possession (Oct 2015)

My question is 
1.Can whole principal and interest amount be claimed for the FY as i received possession of flat in same FY
2.can i claim 70:30 ratio as i split the payment towards emi  in the ratio of 70:30 .
3. can i split principal amount and interest amount in 70:30 and claim tax rebate
Asked 5 months ago in Income Tax from Delhi, Delhi
Dear Sir,

Interest and principal paid in FY 2015-16 can be claimed by you in the ration of your emi payment.

Further, interest paid before FY 2014-15 can be claimed in 5 equal installments starting from FY 2015-16

Please feel free to revert/call back in case of any doubts.

Thanks and Regards
CA Abhishek Dugar
Caabhishekdugar@gmail.com
Abhishek Dugar
CA, Mumbai
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1. Yes whole amount can be claimed in FY 2015-16.

2. Yes you can claim 70:30.

Shyam Sunder Modani
CA, Hyderabad
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  Talk to Shyam Sunder Modani
Yes, you can.
Abhishek Dugar
CA, Mumbai
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Dear Sir,

Based on the information provided by you, you can very well claim the principle and interest amount subject to a maximum of Rs.150,000/- in Section 80C and Rs.200,000/- for interest outflow.

Yes, you can claim the benefit in the ratio of 70:30.

Trust this clarifies your query. 

Feel free to call back/ get back in case of further clarifications. 

Thanking You. 

Regards,
Rohit R Sharma
BCOM, ACA, LLB-GEN, CERT. FAFP.
Rohit R Sharma
CA, Mumbai
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Yes you can..

If it is part of principle then you can take U/s. 80C and get max of 150000.
Shyam Sunder Modani
CA, Hyderabad
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Yes, you can do so.

You can do so subject to bank giving the acknowledgement or statement showing the repayment of extra amount 

Abhishek Dugar
CA, Mumbai
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Dear Sir,

You can claim only upto a Maximum of Rs.150,000/- under 80C, which includes Housing Loan Principle, Life Insurance, PPF etc. So you cannot claim the excess above Rs.150,000/- if paid.

Trust this clarifies your query. 

Feel free to call back/ get back in case of further clarifications. 

Thanking You. 

Regards,
Rohit R Sharma
BCOM, ACA, LLB-GEN, CERT. FAFP.
Rohit R Sharma
CA, Mumbai
719 Answers
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