house property

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Vijay Parmar (Querist)
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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?

CA Vanesh Nadar

CA Vanesh Nadar (Expert)
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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

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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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

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
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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/-.

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
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16 June 2010 Please click on below link FOR DETAILED ANALYSIS OF HOME LOAN

https://www.themoneyquest.com/2009/04/home-loan-tax-benefits-deduction-80c.html

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