I have purchased my first flat in 2006-2007.Now i am paying EMI. But due to the distance of that area approx 30 km from my place of work I have not occupied that flat and I am staying in company provided accommodation. Neither I have given for rent.Can I get tax benefit on EMI paid to bank.May i request u to clarify at the earliest: dash_bhramar@rediffmail.com
Yes , you can get the deduction of interest and principal payment because the I T Act has special provision for such case when a person can not occupy for the reason of employment , even in that case ,the annual value of the house is to be taken as NIL value and interest is to be allowed as deduction.Section 23[2] of the I T Act is very specific.
Read this answer and give attention to section 23[2] quoted therein which specifically provide such relief to a person who on account of his employment can not occupy the house.
Yes , you can get the deduction of interest and principal payment because the I T Act has special provision for such case when a person can not occupy for the reason of employment , even in that case ,the annual value of the house is to be taken as NIL value and interest is to be allowed as deduction.Section 23[2] of the I T Act is very specific.
Read this answer and give attention to section 23[2] quoted therein which specifically provide such relief to a person who on account of his employment can not occupy the house.
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