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ITR 1 Pre EMI Declaration

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Sampath

Professional

4 Points Posted on 02 June 2022

I bought home loan of 40 Lakhs on Feb 2020 for under construction property in Chennai. It was completed on Jan 2022

As Loan Interest for Feb 2020 - Mar 2022 I have paid 4.5 Lakhs where can i declare in ITR-1. I am having options on "Income Under House Property" and "80EE" and "80EEA"

Clear Inputs will be helpful, Thanks in advance

Replies (3)

Quick Summary

This discussion clarifies how to declare pre-EMI home loan interest payments on ITR-1. It explains that interest paid before property possession can be claimed. You should check eligibility for sections 80EEA and 80EE for potential additional deductions. If not eligible for these, the interest can be claimed under 'Income from House Property', typically in five equal instalments after the property is completed.

Sreevidhya V

492 Points Posted on 03 June 2022

80EE and 80EEA are additional benefits given by govt for affordable housing. Check the section 80EEA conditions to see if you are eligible for the same. If not please claim the same under income from house property itself.

also chk the calculation of pre construction interest eligible (normally it is total preconstruction interest can be claimed in 5 equal installments) before claiming the exemption