I am living in a rented house. This year (F.Y. 2016-17) I have booked an apartment in the same city for which I will get the possession after 3.5 years. I have opted for CLP and I am paying the EMI since June 2016.
Now for my case there are 3 components which can be claimed under various scenarios.
- Principle repayment done during the year.
- Interest repayment done during the year.
Could you please help me in understanding on what I can claim out of 3 mentioned above and under what section (I am not in possession of my apartment as it is still under construction)
Also, If possible, what all documents I need to claim the tax exceptions under the 3 categories mentioned.