Deduction for housing loan principal payment and pre emi

Pre EMI Interest alos allowed deduction U/s 24B over period of 5 Years in 1/5th Installment.

if you are purchased 2nd House Then You Can claim both the principal repayment u/s 80 but the same time 1 house is deedmed to be let out property and you have to consider notional income from house property while calculating your total income

Agree with Mehul

In case 1 : The Interest that has been paid before the completion of construction should be aggregated and the whole aggregated amount shall be allowed as tax deduction in 5 equal installments for 5 successive Financial Years starting from the year in which the construction has been completed.

The pre-construction interest is allowed upto a limit of Rs 2 Lakhs including the current year interest payment on home loan. This can be claimed only after the house is ready and possession is taken over.

Thanks Guys 

Hi Thanks for replying,

I have additional query for the same. 

I have Pre EMI to be claimbed in FY 2015-15 as Rs 16,000

From home loan for current fiscal I have paid Rs. 1,40,000 as interest  and Rs3,60,000 as Principle payment.

I want to calculate Income/(Loss) from house property-  

Can I show Income/(Loss) from house property as (16,000+140000 = 1,56,000) or 

Only i have option to show Rs 16,000 under  Income/(Loss) from house property 

Section 24 of Income Tax Act (After amendment as per Finance bill 2 of 2014

Hello, As I already mentioned that The pre-construction interest is allowed upto a limit of Rs 2 Lakhs including the current year interest payment on home loan.

In your case
1/5 pre construction interest is 16000
Current year interest payment is 140000

At the time of calculation income form house property claim 156000 as interest payment...