Home loan interest examtion under 24(B)

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Ganesh (Querist)
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11 November 2008 Hi,
I got home loan for Rs.15.20 Lakhs, but now 9 Lakhs r santioned for sight purchase by the bank, bank is given provisional certifiate for claiming the interest ( pre emi interest) but my employeer r telling it is not possible to claim the interest ( pre emi int) which is paid by me monthly.( pls note i am paying 8500 p.m as pre EMI int)

Pls let me know where i can get the prof to convince my employer.

With Regards
Ganesh

CA Vivek Jain

CA Vivek Jain (Expert)
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11 November 2008 you can claim on the time of return filing

Ganesh

Ganesh (Querist)
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11 November 2008 Can i claim in this financial year?? can i get any prof??, so that i can show the same to my employer.. as they r deducting income tax from my salary.

Nilesh Shah

Nilesh Shah (Expert)
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11 November 2008 Nilesh Shah Writes:
Cell: 92246-59941
E mail: nilesh63@vsnl.com

The proof is in explanation to the second proviso of section 24.

It says that any interest paid prior to the acquisition or construction of the property will be deducted in five equal instalments commencing from the previou year in which the property has been acquired and four subsequent previous years.

Sincerely,

Nilesh Shah

Ganesh

Ganesh (Querist)
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14 November 2008 can i get any articals reg. this ??? pls let me know

CA Tilak Raj Sharma

CA Tilak Raj Sharma (Expert)
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15 November 2008 First clarify that the construction of house has been completed or not?

Ganesh

Ganesh (Querist)
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19 November 2008 No.. it is not completed and yet to start, the same will complet in next july'09

SANDEEP AGGARWAL

SANDEEP AGGARWAL (Expert)
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20 November 2008 You can claim only when you get possession and house it completed. If your house will conplete in July 09 than you can claim int for F/Y 2009-10(Entire interest foe 2009-10 and 1/5 of interest accrued before 1st April 09)

Regards,

Sandeep Aggarwal

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