Income from house property

This query is : Resolved

Abhishek Roy Choudhury (Querist)
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12 September 2016 Dear Sir,
An assesse has taken HBL on Aug'2015 for his new flat, and he is paying Interest and EMI from Aug'2015 onwards. The EMI Amount per month is Rs. 33000.00 and Interest Amt per months Rs. 28000.00 (Approx). He has got Possession of the flat on Jan'2016. My query is whether he will get the benefit of EMI Amount from Aug'2015 and Interest payment from Aug'2015 in his IT Return for F.Y. 2015-16.

Please clarify the matter.

Thanks,
Abhishek Roy Choudhury.

Amol S Joglekar

Amol S Joglekar (Expert)
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12 September 2016 Pre EMI interest i.e. Aug 2015 to Dec 2015....to be claimed in 5 installments...1/5 the each year starting from Financial Year 2015-16
Post EMI interest i.e. Jan 2016 to Mar 2016..... can be claimed for the financial year 2015-16 in full....subject to limit put forth in section 24, if applicable in your case

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