house property
This query is : Resolved
16 June 2010
my client have taken new house on loan. in loan statement principal component is = 0.00 interest component =0 and pre-emi interest = 65652/- can i deduct the pre-emi interest as a int. of self house property.
and 2nd question is. his old house can i consider as a deemed let out house?
and 2nd question is. his old house can i consider as a deemed let out house?
16 June 2010
Hi
1st What is the term pre-emi means. If the Certifiacte is avbl u can do so.
2nd No such need if we consider the 2nd House as Vacant and do not show it as SoP.
Regards,
vanesh
1st What is the term pre-emi means. If the Certifiacte is avbl u can do so.
2nd No such need if we consider the 2nd House as Vacant and do not show it as SoP.
Regards,
vanesh
16 June 2010
Pre EMI -Interest can be claimed after construction completed in 5 equal installment,
Having 2 houses you need to consider either one house deemed to let out
Having 2 houses you need to consider either one house deemed to let out
16 June 2010
Sometimes EMI is started after 6 month from date of taking loan. It is called moratorium period. Interest for pre-emi period will be allowed as normal interst.
It is your choice , which house you want to be let out.
In case of let out property, there is no limit of interet deduction like 150000/-.
It is your choice , which house you want to be let out.
In case of let out property, there is no limit of interet deduction like 150000/-.
16 June 2010
Please click on below link FOR DETAILED ANALYSIS OF HOME LOAN
http://www.themoneyquest.com/2009/04/home-loan-tax-benefits-deduction-80c.html
http://www.themoneyquest.com/2009/04/home-loan-tax-benefits-deduction-80c.html
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