Pre EMI Interest
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 October 2010
Pre EMI Interest is tax free for income tax and what is the limit.
08 October 2010
Tax benefit is available for Pre-EMI interest. This benefit is available only from the financial year in which the construction is complete.
Pre-EMI interest (Total cumulated till the previous financial year : the year before the year in which the construction is complete)can be claimed as 1/5 in each of the next five years.
The overall limit (for pre-emi interest & for regular interest)is Rs. 150000/- for self occupied property.
For Rented premise, there is no limit.
Pre-EMI interest (Total cumulated till the previous financial year : the year before the year in which the construction is complete)can be claimed as 1/5 in each of the next five years.
The overall limit (for pre-emi interest & for regular interest)is Rs. 150000/- for self occupied property.
For Rented premise, there is no limit.
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