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Pre-emi interest on housing loan

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(Querist)
27 July 2012 An employee in our company has pre-emi interest of more than 10 lacs and have current year interest on SOP as 2 lacs, how much exemption he can calim
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Mohit Naithani

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Mohit Naithani (Expert)
27 July 2012 On self Occupied Property one can claim Interest upto Rs 150000 if the follwoing condition are satisfied.
1. Loan was taken on or after 01.04.1999,
2. Loan was taken construction or purchase of House Property (not for renewal and repair).
3. Construction or purchase is complete within 3 years of loan granted.

If all the above mention conditions are satisfied then as assessee is able to claim Intt upto Rs 150000/- otherwise Upto Rs 30000/- (No limit for Let Out Property of Deemed Let Out Property).

Interest paid / payable in Per-construction Period is allow to deduct in 5 equal Installment start from P.Y. (In which property is acquired)upto next 4 years and add the amount of interest paid / payable in current year (Subject to Maximum Limit upto Rs 150000)
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