Hi
I've taken a construction loan (10L) in oct 2016. Further topped it up with (5L) in May 2017. Settled it (5L loan) in Jun 2018 (though paid all EMIs in between). Construction was completed in Oct 2017. So now I've only 1 active loan. I checked the statements of both loan accounts. Here's snapshot.
| 10 L | 5 L | |
|---|---|---|
| 2016-17 | PEMI Interest (x1 amount) | |
| 2017-18 | PEMI Interest (x2 amount) | PEMI Interest (x3 amount) |
| 2017-18 | EMI Interest (x4 amount) | EMI Interest (x5 amount) |
I've not claimed anything in last yr return (2016-17) as construction was not completed. and currently, I'm not living in this premises (empty as of now)
I've done research and found that I can claim (PEMI/5) for next 5 yrs and complete EMI interest (max 2 L) this year.
This comes out
x1/5 + (x2 +x3)/5 + min(2Lakhs, x4+x5)
Is this understanding correct? and where to write this in ITR 1 form?
thanks
CAclubindia
