Can I get any income tax rebate for the EMIs of housing loan I am paying? In your case, the building is still under construction and the apartment has not been handed over, whereby residential income accruing from the property cannot be charged under ‘Income from House Property’. With respect to interest component in EMI, the interest paid on housing loan until the date of completion cannot be claimed as deduction in the year of payment of such interest. He sends me Form 16 which I attach while filing returns, where I include income on account of interest from bank. Income from house property is accrued and taxed in the hands of the owner of the property.

Source: The Hindu May 30, 2021 17:26 UTC