Query of home loan
This query is : Resolved
12 December 2011
Hello CA's and Experts
I am sanjay. I want your valuable advise on my three points which are as follows.
1. I have purchased the property in 2007 and availed the home loan in Jan 2008 alongwithmy wife as a co borrower. I want to know whether can I claim interest paid on home loan in my return for the current financial year.
2. What is the procedure for claiming the pre EMI Interest which I have been paying in the last three years. I have taken the possession on 5/10/2011 of the property.
It is urgent.
Regards
sanjay
I am sanjay. I want your valuable advise on my three points which are as follows.
1. I have purchased the property in 2007 and availed the home loan in Jan 2008 alongwithmy wife as a co borrower. I want to know whether can I claim interest paid on home loan in my return for the current financial year.
2. What is the procedure for claiming the pre EMI Interest which I have been paying in the last three years. I have taken the possession on 5/10/2011 of the property.
It is urgent.
Regards
sanjay
Kapil Gupta
(Expert)
12 December 2011
You can claim the deduction upto Rs. 150,000 in current year.
Interest of earlier year, you can claim 1/5th of the total pre interest till 5 years over and above Rs. 150,000.
Interest of earlier year, you can claim 1/5th of the total pre interest till 5 years over and above Rs. 150,000.
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