16 June 2010
my client have taken new house on loan. in loan statement principal component is = 0.00 interest component =0 and pre-emi interest = 65652/- can i deduct the pre-emi interest as a int. of self house property.
and 2nd question is. his old house can i consider as a deemed let out house?
16 June 2010
Sometimes EMI is started after 6 month from date of taking loan. It is called moratorium period. Interest for pre-emi period will be allowed as normal interst.
It is your choice , which house you want to be let out. In case of let out property, there is no limit of interet deduction like 150000/-.
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