Principal and interest of home loan
This query is : Resolved
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?
If possession of home is after March 2012,
1. Can I claim deduction of interest and principal as I am paying EMI?
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
email2ars@gmail.com
+91 9022838615
Abhishek Ranjan Singh
ARS Solutions
email2ars@gmail.com
+91 9022838615
28 December 2011
Thanks for reply.
Principal is also deducted in pre EMi.
Can I claim principal deduction in 80C ?
Principal is also deducted in pre EMi.
Can I claim principal deduction in 80C ?
Dhirajlal Rambhia
(Expert)
20 July 2023
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