Hi, I have taken up a Home Loan from HDFC for a flat which is still under construction. I started paying the EMIs from August 2006. The possession of the flat is due in December 2007. My query in this regard is: Am I entitled for tax exemption on the interest and/or principal paid by me for the period from August 2006 thru December 2007? If no, which component (interest or principal repayment) can I claim for as tax exemption. If I am not entitled for tax exemption at all then what is the way out?
Please help me out. Thanks a lot for your help in advance.
