Sir,
I have taken Home Loan to purchase flat in Pune in Aug 2011 (FY 2011-12). I got possession in Feb 2014 (FY 2013-14). Bank provided Interest certificate for FY 2011-12 (as Pre-EMI), FY 2012-13 (as Pre-EMI) and FY 2013-14 (as EMI). Please guide me
1) How will I calculate I-T rebate of interest duduction after possesion for FY 2013-14?
2) As my flat was in possession in Feb 2014, shall I take into consideration of Pre-constrution EMI interest (i.e. aggregate of from Aril 2013 to Jan 2014 for current FY 2013-14 and previous two years) or Pre-EMI as stated by bank ?
3) I am staying in Nasik in rented flat. I plan to give flat in pune immediately on rent from March 2014. My interest for the current FY exceeds 2.3 lakh, can I claim full deduction of interest from rental income as I am givng flat on rent ? or only 1.5 Lakh ?
If I'm gonna claim unlimited interest for FY 2013-14, Is it correct that income from property will be only for 1 or 2 months (i.e. Feb and March 2014) rental value (for let out property) since I got possession in the month of Feb. 2014? Please help.
Thanks for valuable guidance in advance.
CAclubindia
