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
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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