Should the tax deduction on pre-emi interest be always claimed in equal installments in 5 years? In the intial years, emi interest amount is high, leaving no space to claim pre-emi interest tax deduction. Is it possible to claim tax deduction on pre-emi interest at once in one of the 5 yrs or in equal/unequal installments in the remainder part of 5 yrs?
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Tax claim on pre-emi interest
Replies (1)
Mr.Amitm
No you cannot. You must claim the deduction as contemplated in the Explanation to section 24 only. Any deviation will not be entertained by the Tax Authorities i.e Assessing Officer.
Best Wishes
Sathikonda
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