Principal and interest of home loan

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aryam (Querist)
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25 December 2011 Hi,
If possession of home is after March 2012,
1. Can I claim deduction of interest and principal as I am paying EMI?

Abhishek Ranjan Singh

Abhishek Ranjan Singh (Expert)
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25 December 2011 When house is under construction then you have to pay pre-EMI interest. But you can not claim any income tax benefit on this pre-EMI interest in the year you pay it to the bank. Pre-EMI interest can be claimed in 5 equal instalments after the construction of the house ends. That is, it can be claimed in 5 equal instalments starting from the FY in which the construction of the house ends and you get its possession.

Abhishek Ranjan Singh
ARS Solutions
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aryam

aryam (Querist)
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28 December 2011 Thanks for reply.
Principal is also deducted in pre EMi.
Can I claim principal deduction in 80C ?