Eligible deduction of Pre EMI interest paid during 2021-22 for the housing loan availed by my son

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This discussion clarifies the eligibility of deducting pre-EMI interest paid on a home loan during the 2021-22 financial year. The pre-EMI interest of Rs. 1.90 lakhs, paid before EMIs began in April 2022, can be claimed as a deduction. Specifically, it can be claimed in five equal annual instalments starting from the financial year 2022-23, as per Section 24 of the Income Tax Act.

suyampirakasam

suyampirakasam (Querist)
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15 July 2022 My son availed a home loan of Rs50.30 lacs during 2021-22.The firsy disbursement was made on 31.03.2021.
Construction was completed during Feb 2022 and EMI started from April 2022.

Pre EMI interest of Rs1.90 lacs was debited to the home loan account during the period 2021-22 and the amounts are paid to the debit of his account every month.

Whether the entire amount can be considered as eligible deducyion under section 24 of IT ACT.Pl clarify

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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15 July 2022 As EMI started from April 2022, he is eligible to claim per-construction interest of Rs. 1.90 lakhs in five equal annul installment from 2022-23.

suyampirakasam

suyampirakasam (Querist)
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18 July 2022 Thank you sir for ur nice clarification.
My appreciation for ur timely reply. Thanks again
S.Suyampirakasam

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Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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18 July 2022 You are welcome..

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