Dear Sir\Madam,
I had sanctioned a home loan from SBI in December, 2011 for the property in Thane. However first installment was disbursed by bank in January, 2013 only (after again doing technical sanction). I am yet to receive a possession on my property.
To avail a tax benefit on home loan interest according to section 24, My question is how should I calculate 3 years? 3 financial years starts from Loan Sanction Date or First Installment Disbursement date by bank.
Can I still claim IT exemption up to Rs. 2,00,000/- if I receive a possession in financial year 2015-16.
Regards,
Section-24 is defined as below.
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].
