Hello,
Can I deduct pre-EMI (1/5th interest) of home loan (pre-constuction period interest) even if I have sold the property in 2nd year?
Year t-4 - Pre-construction period. Not deducted any home loan interest in ITR.
Year 1 - Got possession. So deducted 1/5th pre-emi interest and regular EMI interest in schedule for "deemed let out property"
Year 2 - Sold the property.
- Can we still claim 1/5th interest for years 2-5? and interest for year 2 (or)
- Deduct the entire remaining pre-EMI interest and year 2 interest as part of expenses while calculating the profit/loss on sale of the property?
Thanks in advance,
Sri