Interest on house property
This query is : Resolved
Dhanraj Jeyakumar
(Querist)
17 February 2012
DEAR MEMBERS,
WHAT IS PRE EMI INTEREST??
ALSO IS IT ALLOWED U/S 24??
KINDLY EXPLAIN AT THE EARLIEST.
WHAT IS PRE EMI INTEREST??
ALSO IS IT ALLOWED U/S 24??
KINDLY EXPLAIN AT THE EARLIEST.
CA PARAS BAFNA
(Expert)
17 February 2012
The interest which is accrued before the EMI
(i.e. Equated Monthly Installment) payments start.
.
In case construction is completed it can be claimed.
.
Till the prior year , in which construction gets completed, it has to be accumulated.
From the year in which completion takes place, you can claim 1/5th of accumulated every year upto 5 Assessment years.
(i.e. Equated Monthly Installment) payments start.
.
In case construction is completed it can be claimed.
.
Till the prior year , in which construction gets completed, it has to be accumulated.
From the year in which completion takes place, you can claim 1/5th of accumulated every year upto 5 Assessment years.
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