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Pre-emi claim in self occupied property loan

JeganathanVelu (Manager) (28 Points)

29 July 2014

Hi,

I have a self occupied apartment loan and have paid pre-handover emi for the same. My Post Handover loan interest on this property for the last financial year has already exceeded the maximum claimable limit of Rs. 1,50,000. Is it possible or is there any additional provisions to claim pre-emi based income tax deduction for the current/future assessment years in this particular case ?

Thanks in Advance for your help.

Thanks and Regards,

Jegan

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2 Replies

Tribhuvan Aditya Singh (Student as well as Self-employed) (3710 Points)
Replied 29 July 2014

out of limit of 150000 first of all, 1/5th of pre-construction intt is claimed and then post- construction intt is claimed from remaining amt.

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CA J.Alamelu lakshmi (Chartered Accountant) (852 Points)
Replied 29 July 2014

First claim pre emi interest of 1/5th of the total Pre emi interest paid.

Secondly, while considering the current year interest, claim deduction for the amount available out of Rs.150,000 u/s 24 (after adjusting pre emi as above).

If there is current year still unadjusted, you can claim deduction u/s 80EE IF THE CONDITIONS ARE FULFILLED.

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