Interest on housing loan
This query is : Resolved
10 March 2009
House taken in joint names and even loan taken in the joint names. The house is under construction. The principal amount can be deducted U/s 80C upto Rs 1 lac.
Can interest on loan(limit upto 1.5 lacs) can be deducted now or only after possession?
If it can be claimed after possession then the previous interest can be claimed as deduction?
Can interest on loan(limit upto 1.5 lacs) can be deducted now or only after possession?
If it can be claimed after possession then the previous interest can be claimed as deduction?
chetan soni
(Expert)
10 March 2009
Interest can be claim only after possession. After possession it can be said that the property is self occupied.
Earlier interest paid can be claim as per the provision of sec 24(b) as Pre EMI interest. This interest is allowed to claim in 5 years. eg.
Say Pre EMI interest for the year 08-09 is Rs. 100000. Then it can be claim in 5 years starting from 2008-09 to 2012-13 as i/5 of Rs. 100000 i.e Rs. 20,000 in each year along with regular interest after possession.
Earlier interest paid can be claim as per the provision of sec 24(b) as Pre EMI interest. This interest is allowed to claim in 5 years. eg.
Say Pre EMI interest for the year 08-09 is Rs. 100000. Then it can be claim in 5 years starting from 2008-09 to 2012-13 as i/5 of Rs. 100000 i.e Rs. 20,000 in each year along with regular interest after possession.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- MSME disclosure and disallowance
- Taxation of crypto futures in India Fy 2026- 2027
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- EPF ECR NEW RULES Sep 17th 2026
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
