Interest benefit - self occupied property, Income Tax

[Rahul Bagaria]

Can I claim interest benefit for self occupied property in 5 equal instalments post the possession of the house.This is possible for let out property but the Act is silent for self occupied property.

Posts / Replies

[Ravi Chopra]

Yes, you can claim the benefit of interest paid prior to possession related to that property, in five equal installments. There is no ceiling limit in case of rented property. But in case of self occupied property the limit is Rs. 1.5 lakhs.