Pre emi

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

07 July 2017 I had paid Pre-emi for my home loan for Rs 1.7 laks and Rs 2.5 laks in financial year 2011-12 and FY 2012-13 respectively. I have not deducted the expenses during subsequent years, as im not aware, Can someone guide me if I can deduct the same under "income from house property" or 80EE. This is a let out property.

Can someone please guide..

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

07 July 2017 80EE is applicable if the loan is sanctioned after 01/04/2016....So? it is NOT applicable in your case......because your loan seems to have been sanctioned before 01/04/2016

Querist : Anonymous

Querist : Anonymous (Querist)

07 July 2017 If not 80EE, what about income from.house property ?

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

07 July 2017 pre emi interest can be claimed once the house is ready...in 5 years

Querist : Anonymous

Querist : Anonymous (Querist)

07 July 2017 My house was handover in 2013, for pervious two years i paid pre Emi. I was not aware about carry forwarding the pre emi expenses. If i dont do it, from next year i have cap of 2 laks on interest paid on home loan. Kindly advise if i can deduct all pre emi in this filing itself

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

07 July 2017 5 years would be 2013-14, 2014-15, 2015-16, 2016-17 and 2017-18....1/5th each year
You can NOT deduct more than 1/5th

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok