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I Tax rebate on housing Loan

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I had purchased flat under construction in 2018. I have been given possession of flat on 15 Jan, 2020 by the builder. For purchase of flat i took loan from HDFC and following interest certificates are issued
FY 2018-19
Pre EMI Interest Rs 183163
Fy 2019-20
Principal 21940.00
Interest 58254.00 Pre EMI Interest Rs 297003.00 Total Interest 355257.00
I started my EMI after taking possession on 15 January, 2020
what interest rebate i am allowed for loan taken for house in the current year. There is a doubt if PRE EMI interest of current year ( ie year in which i had taken possession) is allowed for full amount 2,97,003.00 (PRE EMI INterest) or not.

Thanks & Regards
Sanshit Gulla

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The interest portion of the EMI paid for the year can be claimed as a deduction from your total income up to a maximum of Rs 2 lakh under Section 24. From Assessment Year 2018-19 onwards, the maximum deduction for interest paid on Self Occupied house property is Rs 2 Lakh.

If you want to reduce your headache you can use QuickBooks 2020 Pro for bookkeeping and accounting. It will help you to file your tax return quite easily. Also, if you are a Mac user you can use QuickBooks for Mac desktop.

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