Pre-emi interest
This query is : Resolved
04 February 2013
Dear EXPERTS,
I have paid a total of 108000 as pre-emi interest for the FY 2012-2013.The construction of my house will get completed by 31st March 2012.
Can i claim the pre-emi interest for the the AY 2013-14?
Kindly advise.
I have paid a total of 108000 as pre-emi interest for the FY 2012-2013.The construction of my house will get completed by 31st March 2012.
Can i claim the pre-emi interest for the the AY 2013-14?
Kindly advise.
04 February 2013
Hey
Yes you can claim deduction in full for whole interest paid for FY 2012-13.
Condition for availing deduction of interest is that construction should have completed in the fy.
Thanks!!
Yes you can claim deduction in full for whole interest paid for FY 2012-13.
Condition for availing deduction of interest is that construction should have completed in the fy.
Thanks!!
Message likes :
1 times
04 February 2013
The whole of interest paid or 1/5th of the total paid?
04 February 2013
Hey
The whole of int. paid for FY.2012-13 can be claimed. Once construction gets completed int payable for FY 2012-13 is no longer pre-eml.
Any Int. paid prior to 1/4/2012 is called pre-emi, which can be claimed in 5 installments.
Total deduction of 1/5 of pre emi int. & Int. payable for FY 2012-13 should not exceed 1.50 lacs if property is self occupied.
Thanks!!
The whole of int. paid for FY.2012-13 can be claimed. Once construction gets completed int payable for FY 2012-13 is no longer pre-eml.
Any Int. paid prior to 1/4/2012 is called pre-emi, which can be claimed in 5 installments.
Total deduction of 1/5 of pre emi int. & Int. payable for FY 2012-13 should not exceed 1.50 lacs if property is self occupied.
Thanks!!
Message likes :
1 times
04 February 2013
is any proof to be submitted while filing the roi?
04 February 2013
But the construction gets completed only on 31st March 2013.So,the interest l aready paid upto 31st march 2013 ie.the whole of it can be claimed while filing ROI on or before 31st July 2013.Correct?
04 February 2013
But the construction gets completed only on 31st March 2013.So,the interest l already paid upto 31st march 2013 ie.the whole of it can be claimed while filing ROI on or before 31st July 2013.Correct?
04 February 2013
If your construction completed on or before 31-3-2013 then you shall claim all of interest amount in the A.Y.2013-14 only.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
Message likes :
1 times
04 February 2013
Hey Divya,
If you have take loan prior to 1 Apr 2012, Then Int up to 31 Mar 2012 will go into pre - emi bucket & Int for period 1 Apr 12 to 31 Mar 13 will go in current fy bucket.
So whole int for fy 2012-13 can be claimed while filing ROI.
Thanks!!
If you have take loan prior to 1 Apr 2012, Then Int up to 31 Mar 2012 will go into pre - emi bucket & Int for period 1 Apr 12 to 31 Mar 13 will go in current fy bucket.
So whole int for fy 2012-13 can be claimed while filing ROI.
Thanks!!
04 February 2013
Dear Sir,
I have taken the loan in may 2012.And paid pre-emi interest upto 31st march 2013.So what is the amount qualified for deduction for AY 2013-14?
Thanks
I have taken the loan in may 2012.And paid pre-emi interest upto 31st march 2013.So what is the amount qualified for deduction for AY 2013-14?
Thanks
04 February 2013
Then whole of the amount of interest paid is allowable as deduction in the A.Y 2013-14 return of income.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
Message likes :
1 times
04 February 2013
Dear Experts,
I was told that i can claim the interest paid by me upto the date of completetion of the construction in 5 equal annual installments.Is it true?
Kindly help
I was told that i can claim the interest paid by me upto the date of completetion of the construction in 5 equal annual installments.Is it true?
Kindly help
04 February 2013
hey
no its not true..
Pl refer S/24 of IT for details:
Thanks..
no its not true..
Pl refer S/24 of IT for details:
Thanks..
04 February 2013
Dear sir,
Extraxts from Sec 24
@Explanation.—Where the property has been acquired or constructed with borrowed capital, the interest, if any, payable on such capital borrowed for the period prior to the previous year in which the property has been acquired or constructed, as reduced by any part thereof allowed as deduction under any other provision of this Act, shall be deducted under this clause in equal instalments for the said previous year and for each of the four immediately succeeding previous years:]
Kindly clarify
Extraxts from Sec 24
@Explanation.—Where the property has been acquired or constructed with borrowed capital, the interest, if any, payable on such capital borrowed for the period prior to the previous year in which the property has been acquired or constructed, as reduced by any part thereof allowed as deduction under any other provision of this Act, shall be deducted under this clause in equal instalments for the said previous year and for each of the four immediately succeeding previous years:]
Kindly clarify
04 February 2013
In the above extract, @property acquired or constructed" means the date of completion of construction right sir?
Kindly advice
Kindly advice
04 February 2013
dear experts
kindly help on my query
kindly help on my query
04 February 2013
so, sir,
i can claim only 1/5th of interest paid by me right?
i can claim only 1/5th of interest paid by me right?
04 February 2013
No you are entitle to whole int. amount as deduction as per explanations given above.
Thanks!!
Thanks!!
04 February 2013
Vaibhav Sir,
So when is 1/5th installment applicable?Im confused.
So when is 1/5th installment applicable?Im confused.
04 February 2013
Hey
Pre-EMI comes in to picture in your case when you have taken loan before 1/Apr/2012.
So int paid upto 31 Mar 2012 is pre-emi & int paid after 31 Mar 2012 is regular one.
Thanks!!
Pre-EMI comes in to picture in your case when you have taken loan before 1/Apr/2012.
So int paid upto 31 Mar 2012 is pre-emi & int paid after 31 Mar 2012 is regular one.
Thanks!!
Message likes :
1 times
04 February 2013
Dear divya karthik don't go confusion clarification for your doubt is.
If the loan taken financial year and construction completions or property acquired year is different then only the question of 1/5th interest arises and interest paid upto the immediate completion of financial year before to the financial year of construction completed shall be claim deduction of 5 equal installments.
So in your case loan acquired and construction completion year is same so no question of 5 installments deduction of pre-EMI interest.
Are you clarified ?
OM SAI SRI SAI JAI JAI SAI
If the loan taken financial year and construction completions or property acquired year is different then only the question of 1/5th interest arises and interest paid upto the immediate completion of financial year before to the financial year of construction completed shall be claim deduction of 5 equal installments.
So in your case loan acquired and construction completion year is same so no question of 5 installments deduction of pre-EMI interest.
Are you clarified ?
OM SAI SRI SAI JAI JAI SAI
09 February 2013
Dear Author,
Since You mentioned, Construction Will Complete on 31/03/2013,
In This Case, Interest For F.Y. 2012-13 and From That Will go in Current Interest.
and interest Paid Till 31/03/2012, Will go in PreEMI Interest. That 1/5th Allowed from the F.Y. 2012-13 Year.
Since You mentioned, Construction Will Complete on 31/03/2013,
In This Case, Interest For F.Y. 2012-13 and From That Will go in Current Interest.
and interest Paid Till 31/03/2012, Will go in PreEMI Interest. That 1/5th Allowed from the F.Y. 2012-13 Year.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on capital gains revoked us 54f
- Should I include march foreign salary received in April in my income for FY 2023-24?
- Refund of AY 22-23
- HSN Details in IFF/GSTR-1 & in GSTR 9
- TDR receipts for agreement holder
- Inventory of finished goods
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Sale of property furniture sale
- Company Incorporation - CA and directors signing from different states
- GST APPLICABILITY ON POLLUTION CHECK SERVICE
- Intimation wrongly states taxpayer has offerred u/s. 44ad & states probable resolutiton to do audit
- Refund AY 2012-13 and 2013-14
- DIRECT TAX CODE 2025
- MODEL FILLED AUDIT REPORT FOR TRUSTS IN FORM 10B
- 115TD on cancellation of 12A 80G Registration
- MIS MATCH OF INVOICE NUMBER
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
Trending Online Classes
CAclubindia
